Weekend markets: GE soars to hold Dow over 10,000

Stocks on Wall Street snapped a two-week losing streak as a surge in General Electric nudged the Dow Jones Industrial Average back above 10,000, for the biggest weekly gain in a month.

The Dow rose 17.46 points, or 0.2%, to 10,023.42, up 3.2% on the week. Almost half the Dow's point gain on Friday could be attributed to a 6.2% surge in component GE after analysts at both Sanford C Bernstein and Oppenheimer upgraded the conglomerate to an "outperform" rating.

Other stock indexes also edged higher at the close. The S&P 500 rose 0.3% to 1069.30, up 3.2% for the week, while the Nasdaq Composite Index was up 0.3% to 2112.44, up 3.3% for the week.

Investor confidence remains shaky, however, as economic data on readings of consumer credit and employment were disappointing.

The US Labour Department reported a bigger decline than expected in payrolls for October and a jump in the unemployment rate to 10.2%, its highest level since 1983.

Canadian stocks rose for a fourth day, led by gold producers, as bullion prices rallied to a record and car parts firm Magna International reported a surprise quarterly profit.

Magna jumped 14%, the steepest advance in the S&P/TSX Composite Index. Barrick Gold gained 3.1% as the metal surged over $US1100 an ounce to a record high.

The S&P/TSX rose 69.72 points, or 0.6%, to 11,250.42, a 3.1 percent on the week

European stocks fell on Friday but over the week rebounded from a one- month low after better-than-expected earnings at companies from Swiss Reinsurance to Delhaize Group.

Swiss Re and Delhaize, owner of Food Lion supermarkets, both gained more than 7%. BNP Paribas also rose after beating analysts’ estimates, while Royal Bank of Scotland Group tumbled 12% after it ceded greater control to the government.

The Dow Jones Stoxx 600 Index rose 1.7% over the week to 241.06, climbing from the lowest level since Oct. 5 and posting its first gain in three weeks.

The UK FTSE 100 index was down 0.6% at 5093.90, 2% rise for the week while Germany's DAX dropped 0.9% to 5430.85, up 1.4% for the week. France’s CAC-40 in France lost 1% to 3672.26, 2.8% weekly gain.

Commodities: Oil down, gold up

Crude oil tumbled 2.8% after the US jobless report. December delivery prices fell $US2.19 to $US77.43 a barrel in New York, the lowest settlement since October 30.

Futures were up 0.6% for the week after a US Energy Department report earlier showed crude-oil supplies unexpectedly dropped last week.

Gold futures jumped to a record, topping $US1100 an ounce during Friday on mounting speculation that low US borrowing costs will drive down the dollar.

Gold futures for December delivery rose $US6.40, or 0.6%, to $US1095.70 in New York, climbing for the fifth straight day. The price has gained 24% this year.

Seventeen of 23 traders, investors and analysts surveyed by Bloomberg said bullion would rise further in the coming week. The December contract was up 4.8% for the week.

Currencies: Dollar down, euro up

The dollar fell against the euro on speculation the Federal Reserve will keep borrowing costs near zero into next year as the US unemployment rate hit a 26-year high of 10%.

The dollar declined 0.9% to $US1.4847 per euro, from $1.4719 a week earlier. The dollar decreased 0.2% to ¥89.88, from ¥90.09. The euro rose 0.6% to ¥133.45 yen, from ¥132.61.

Canada’s dollar fell for a second day after employers unexpectedly cut jobs in October.

It depreciated 0.9% to $C1.0740 per US dollar after earlier falling as much as 1.2%, the biggest intraday drop in a week. It closed the week at $C1.0651 and purchases 93.11USc.