Fleeting Momentum

Stocks started the week on a high note, with the Dow moving past 11,000 for the first time since Sept. 11. Though it held the position through Wednesday, the momentum was unsustainable as traders anticipated the fourth-quarter earnings season, which begins this week. Other mixed news—better-than-expected wholesale prices, slower-than-expected retail sales—also contributed to the drop. The Dow gave back nearly all the gains it made during the week, closing flat at 10,959.87, a gain of only 0.4 points. The Nasdaq, however, finished higher, closing at 2,317.04, up 10.82 points, for a gain of 0.5 percent. Advertising stocks were mixed. Omnicom closed lower at 84.95, off 0.85 points (a 1 percent drop). WPP Group closed at 56.71, a gain of 0.49 points (up nearly 1 percent). IPG closed lower at 10.00, a drop of 0.32 points (3 percent).