Wall Street Unfazed By Mixed Signs
Mixed messages from a series of economic reports didn’t keep financial markets from pushing into record territory this week.
After a setback Thursday, the Dow Jones industrial average resumed its climb Friday, gaining more than 38 points to close at 8,413.94. For the week, the Dow was up nearly 44 points., but about 40 points below Wednesday’s record high.
In economic reports this week:
The Commerce Department said the U.S. trade deficit climbed to $113.7 billion in 1997, a nine-year high, as the imbalances with both Japan and China widened substantially.
The Federal Reserve reported that production at the nation’s factories was unchanged in January - the first time industrial production has failed to record a monthly increase since October 1996.