The Surge Continues

U.S. stocks closed the week higher on Friday, with blue chips chalking up a third straight week of gains in a market rally fueled by semiconductor shares. The Dow Jones industrial average gained 0.7 percent for the week, ending at 10,796.01. Analysts said the market has nearly recovered from January’s selloff but remain split on whether the market would continue upward. But Friday’s tech surge was not enough to offset investor disappointment about lukewarm outlooks offered by Cisco Systems and Dell. Also, oil prices moved higher, as expectations that demand will outstrip supply in the long run helped push crude futures up. The Nasdaq declined 0.5 percent to 2,076.66. WPP, trading as American Depository Receipts on the Nasdaq, closed at $55.11, up 3 percent. On the Big Board, Omnicom closed at $86, off 0.4 percent, while IPG ended at $13.68, up 1.5 percent.