Stocks mostly rose Friday as investors tried to extend Wall Street's gains for a fourth straight day amid more encouraging comments from bank executives and better-than-expected trade data.
Reports that Citigroup Inc.'s chairman Richard Parsons said the bank doesn't need additional government support after receiving three rounds of emergency funding helped lift financial stocks.
A government report Friday showing that the U.S. trade gap narrowed in January also helped buoy the market.
The Commerce Department said the trade imbalance dropped to $36 billion in the first month of the year, a 9.7 percent decline from December and the lowest level since October 2002. The improvement reflects a drop in demand for crude oil imports and other foreign goods.
Stocks have also been lifted this week by surprisingly positive reports from companies across a wide range of industries. General Motors Corp. said Thursday it wouldn't need the latest installment of government bailout money, and General Electric Co.'s credit rating cut on the same day wasn't as bad as some had feared.
In early trading, the Dow Jones industrial average rose 28.11, or 0.4 percent, to 7,198.17. The Standard & Poor's 500 index gained 2.35, or 0.3 percent, to 753.09, while the Nasdaq composite index slipped 1.89, or 0.1 percent, to 1,424.21.
Yesterday’s Top Performing SmallCapVoice.com stock:
GWS Technologies, Inc. (OTC BB: GWSC) was a SmallCapVoice.com top performer moving up over 33% on trading volume of 15,700 shares.
GWS stands for GreenWindSolar. GWS products and solutions are part of the new "microgeneration" movement that is transforming the way everyday people provide for their energy needs. Through a growing line of solar and wind-powered products ranging from handheld devices that can recharge an iPod to wind turbines for point-of-use alternative energy generation, GWS is leading the way in the emerging microgeneration marketplace. The company was founded in 2005 and is headquartered in Scottsdale, Arizona.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Capital City Energy Group, Inc. (OTC BB: CETG)
In addition to its four wholly owned subsidiaries; Avanti Energy Partners, Eastern Well Services, Capital City Petroleum and Hotwell Services, Capital City Energy Group (“CETG”) is a rapidly expanding energy company. It is an innovative leader in the design, management and sponsorship of retail and institutional direct participation energy programs and one of the few vertically integrated independent oil & natural gas companies operating today. CETG identifies and develops growth opportunities through drilling, operating, oil field service companies, acquisitions and fund management.
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