Market Surges Late | Adweek Market Surges Late | Adweek
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Market Surges Late

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Stocks rebounded Friday as the government said wholesale prices in December posted their steepest decline since April 2003, a statistic that took Wall Street by surprise and helped discourage investor concerns abut inflation. Still, the positive news came on the heels of a lackluster trading week in which investors grappled with a new hike in oil prices, data documenting a record U.S. deficit in November and losses reported by blue chips like Alcoa, General Motors and Verizon. The Dow Jones industrial average rose 52 points, or 0.5 percent, to close at 10,558, while the Nasdaq, boosted by better-than-expected results from Intel and Apple, climbed 17 points, or 0.8 percent, to finish at 2,088. On the Big Board, IPG closed at $12.86, down 2.6 percent, and Omnicom settled at $86.74, up 1.9 percent. WPP, trading as American Depository Receipts on the Nasdaq, was up 2.6 percent at $53.16.