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Familiar Territory

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The Dow Jones industrial average ended the week up a modest 7 points, closing at 10,451. Trading last Friday was mixed following reports of a decline in the consumer sentiment index from the University of Michigan. The index reached its weakest level so far this year, falling from 95.8 in March to 93.2 in April. Markets were buoyed when the Federal Reserve relaxed concerns of interest-rate hikes. It indicated that no rate-hike was imminent. IBM was the big loser among blue chips, due to bland first-quarter earnings. Nokia shares were off on the Nasdaq after the company warned that second-quarter sales looked weak. On the Big Board, Omnicom shares were up 1 percent to close the week at $81.81, while IPG's stock price declined 1.6 percent to $16.03. WPP, trading as American Depository Receipts on the Nasdaq, lost 2.2 percent at week's end to finish at $52.66.