Stock Market Rises for Fourth Week

From Times Staff and Wire Reports

The stock market advanced for a fourth straight week, as investors brushed aside disappointing economic data and focused on prospects for lower interest rates.

The Dow Jones industrials gained 120.61 points Friday to close at 8,517.64, and rose 0.9% for the week.

The Nasdaq composite jumped 30.95 points Friday to 1,360.70, and gained 2.2% for the week. The last time Nasdaq rallied four straight weeks was in November 2001.

Despite the economy’s loss of momentum, more investors may be viewing stocks as a better bet than Treasury bonds or short-term cash accounts, especially if the Federal Reserve cuts rates.