Category: Markets / Finance / November 9, 2012 5:40 PM EST
Wall Street advanced on Friday but failed to make up for what turned out to be the worst week for markets since June, as investors turned their attention from the presidential election to the looming the "fiscal cliff."
Earlier in the session, new economic data showed consumer sentiment was at its highest level in more than five years, according to the Thomson Reuters/University of Michigan surveys, and wholesale inventories jumped in September, according to a Commerce Department report.
The market gave up some early gains after President Barack Obama and House Speaker John Boehner, in separate public remarks, made it clear that partisan sparring would likely dominate the next several weeks.
Shares of Walt Disney Co (DIS.N) fell 6 percent to $47.06 after the company reported fourth quarter results late Thursday that matched Wall Street’s expectations, but the company added that the coming results will be under pressure due to declining home video sales and rising costs.
Groupon Inc's (GRPN.O) shares sank 29.6 percent to $2.76 a day after the daily deal company's results fell short of Wall Street's expectations.
The Dow Jones industrial average .DJI edged up 4.07 points, or 0.03 percent, to 12,815.39 at the close. The Standard & Poor's 500 Index .SPX rose 2.34 points, or 0.17 percent, to 1,379.85. The Nasdaq Composite Index .IXIC advanced 9.29 points, or 0.32 percent, to close at 2,904.87.