The Globe and Mail reports in its Saturday, Aug. 17, edition that Wall Street ended its best week since November as U.S. stocks inched higher on Friday. An Associated Press dispatch to The Globe reports that the S&P 500 rose 0.2 per cent, marking a seventh straight gain and moving within 2 per cent of its all-time high set last month. The Dow Jones Industrial Average gained 96 points, or 0.2 per cent, while the Nasdaq composite also added 0.2 per cent. In the bond market, Treasury yields eased after a couple of mixed reports on the U.S. economy. One report showed that home builders broke ground on fewer projects last month than forecast, which dampened market enthusiasm. Earlier in the week, optimism had been rising after a series of better-than-expected reports on various aspects of the U.S. economy, from inflation to sales at U.S. retailers. Another report suggested that U.S. consumers are feeling better about the economy than expected. This is significant for Wall Street because consumer spending accounts for the majority of the economy. Friday's relatively calm trading marked the end of a volatile week, during which strong economic data helped stabilize Wall Street after a turbulent period.
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