US stocks make biggest weekly gain in two years
Washington - US stocks surged ahead on Friday, making their biggest weekly jump in two years after positive retail sales from major companies and the start of Group of 20 (G20) major economies talks on the eurozone debt crisis.
Shares of Internet giant Google Inc jumped 5.9 per cent after sales exceeded analysts' expectations. Apple Inc gained 3.3 percent as the company is poised to sell as many as 4 million units of its new iPhone 4S this weekend after customers lined up to buy one of the last products developed under tech guru Steve Jobs.
Meanwhile, at Friday's meeting of G20 finance ministers, German Finance Minister Wolfgang Schaeuble - who met French President Nicolas Sarkozy and Finance Minister Francois Baroin before the G20 talks- said the two EU heavyweights had "a joint position" on the eurozone rescue plan.
"I am convinced that, together, we will be able to protect our European currency and ensure its stability," Schaeuble said.
The blue-chip Dow Jones Industrial Average rose 166.36 points, or 1.45 per cent, to 11,644.49. The broader Standard & Poor's Index gained 20.92 points, or 1.74 per cent, to 1,224.58. The technology-heavy Nasdaq Composite Index was up 47.61 points, or 1.82 per cent, to 2,667.85.
Stocks jumped since last week by 4.88 per cent on the Dow, 5.98 per cent on the S&P 500, and 7.6 per cent on the Nasdaq.
The US dollar dropped marginally against the euro to 72.04 euro cents from 72.59 euro cents on Thursday. The dollar rose against the Japanese currency to 77.22 from 76.88 yen on Wednesday.//DPA
