Cheers All Around

Stock prices overcame last week’s early sell-off, triggered by rising oil costs, to end at a high for the year. The market was encouraged by stronger than expected U.S. growth after the Commerce Department said the economy grew at a 3.8 percent annual rate, higher than earlier forecasts of 3.1 percent. The Dow Jones industrial average closed at 10,841.60, up 92.81 points or 0.9 percent, while the Nasdaq closed the week at 2,065.40, an increase of 13.70 points, or 0.7 percent. The S&P 500 also posted a new high for 2005, closing at 1,211.37, up 11.17 points or 0.9 percent. It was a week of bullish 2004 earnings results from industry leaders Omnicom and WPP. The London holding company, trading as American Depository Receipts on the Nasdaq, closed up 5.1 percent at $58.05. On the Big Board, Omnicom ended 5.3 percent higher at $89.95, while IPG finished at $13.20, up 0.6 percent.