US stocks bounce back after a 2-day slide

AP News
Posted: Feb 22, 2013 4:05 PM

Stocks are closing higher thanks to stronger earnings reports from big companies like Hewlett-Packard, but the S&P 500 still posted its first weekly loss of the year.

The Dow rose 120 points to close at 14,001 Friday.

The Standard & Poor's 500 index rose 13 points to 1,515, but still had a loss of 0.3 percent for the week. The Nasdaq rose 30 to 3,161.

Hewlett-Packard had the biggest gain in the Dow, 12 percent, after posting earnings that beat forecasts, a relief after months of bad news for the computer maker.

Cabot Oil & Gas jumped 11 percent on its own strong earnings report.

Three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was 3.3 billion shares, lighter than the recent average.