Stock market closes out its best week since 2009

December 4, 2011 • Business

FILE – In this file photograph taken Nov. 30, 2011, specialist Dermot Bermingham, left, and trader Edward Radziewcz work on the floor of the New York Stock Exchange. Stocks rose Friday, Dec. 2, 2011, around the world as markets unnerved by the eurozone’s debt crisis welcomed German Chancellor Angela Merkel’s call for changes to EU treaties to enforce fiscal discipline. (AP Photo/Richard Drew, File)

NEW YORK (AP) — An early rally fizzled on the stock market Friday but still left the Standard & Poor’s 500 index up 7.4 percent for the week, its biggest gain since March 2009.

A surprise drop in the U.S. unemployment rate sent stocks higher in early trading, but the gains faded during the afternoon.

The Dow Jones industrial average dropped 0.61 of a point to close at 12,019.42. The Dow ended the week up 7 percent, the largest weekly gain since July 2009.

Bank stocks rose sharply, continuing a weeklong rally. JPMorgan Chase & Co. jumped 6.1 percent, the most among the 30 stocks in the Dow average. Morgan Stanley leapt 6.9 percent, the second-biggest gain of any stock in the S&P 500 index.

European stock indexes and the euro rose after German Chancellor Angela Merkel Login to read more

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