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Steady As She Goes

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Despite record-high oil prices of around $55 a barrel coupled with disappointing earning results and mixed economic data, U.S. stocks closed higher on Friday, with the Dow Jones industrial average up 39 points to 9,933. For the week, the index slid 1.2 percent. The Nasdaq climbed just 8 points to 1,911. Stocks rose after Federal Reserve Board chief Alan Greenspan said the U.S. economy should deal with the recent rise in energy prices better than it did in the 1980s, when OPEC raised oil prices sharply higher. Also, retail sales jumped 1.5 percent in September, the best showing since March, after dropping 0.2 percent in August. Omnicom Group shares closed the week 1.7 percent down, finishing at $71.84, while Interpublic Group stock rose 2.8 percent to end at $11.33. WPP Group, trading as American Depository Receipts on the Nasdaq, dropped 0.9 percent to $48.25.