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Portfolio > ETFs > Broad Market

Markets, LPL Trade Up Slightly for Day, Week

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The markets ended up for the day and slightly higher for the week in moderate trading Friday.

The Dow Jones Industrial Average closed up 0.20%, or 22.32, to 11,203.50 on Friday. For the week, the DJIA rose 0.10%.It's been up two of the last three weeks.

For the month, the DJIA is up 0.77%, while for the year to date, it has improved 7.44%.

Also on Friday, the S&P 500 Index moved up 0.25% to 1,199.73, according to Bloomberg data.

IPO Performance

Initial public offering darling LPL Investment Holdings, the parent company of LPL Financial, moved up on its second day of trading by 1.46% to 32.60. It opened Friday at 31.80.

On Thursday, LPL gained as much as 13% to trade at $33.84 during the day as it made its debut on the Nasdaq Stock Market by selling 15.66 million shares at $30 each.

General Motors, which also went public on Thursday, rose on its second day by 0.21% to close at 34.26. It sold 478 million shares during its IPO, making it the largest IPO in history, according to The Wall Street Journal.

Market Momentum

The S&P 500 has risen 17% from its 2010 low on July 2, according to Bloomberg. The index fell 1.6%, the most in almost three months, on Nov. 16 over concerns related to a worsening debt crisis in Europe and a possible slowing of the Chinese economy.

As of Thursday, the S&P was up 7.3% year to date on a price-return basis and 9.3% on a total-return basis, according to Standard and Poor's.

“Due to the overbought condition of the market presently, we would proceed with care, but we also would not be overly cautious, since in our view, the peak of this market cycle still is ahead,” wrote Gregory M. Drahuschak, market strategist for Janney Montgomery Scott, in a written commentary released Friday.


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