Wall Street today managed to end its month long-string of weekly losses despite another increase in crude oil prices, which are already so high they are hobbling the economy.
Closing today with a 10-point gain, the Dow Jones industrial average climbed to 10,139.71 -- up 177 points for the week.
The Dow's 1.8 percent gain was its first advance after five down weeks in a row.
Ending four-weeks of losses, the Nasdaq composite gained six points to 1,887.36, an advance for the week of 38 points, or 2 percent.
Also coming off a four-week losing streak, the Standard & Poor's 500 stock index picked up one point on Friday to 1,101.72. For the week the S&P advanced nearly 16 points, or 1.4 percent.
Stocks opened lower Friday morning after government data confirmed that the economy slowed sharply in the second quarter. Economic growth slipped from 4.5 percent a year in the first quarter to just 3 percent in the second quarter.
Consumer spending contracted even more dramatically -- down to just a 1 percent rate.
Commerce Department officials blamed the slowdown on rising energy prices. Costly gasoline is not only soaking up cash that consumers might spend on other things, but it is also prompting them to cut back their spending and increase their savings.
No end of that trend is in sight, because crude oil futures hit another new high -- $43.80 a barrel in Friday's futures trading. As a result of the high price, oil companies this week reported record profits, which in turn pushed their stocks to new highs.
Corporate profit reports that came in this week also were stronger than those seen in the previous two weeks, another plus for the market.
Traders discounted the number for the nation's output of goods and services, or gross domestic product, as old news -- already shown in department store sales and other economic reports. And many accepted the assurances of Federal Reserve Chairman Alan Greenspan that the economy is already beginning to pick up steam again.
The slowdown also relieves the pressure on Greenspan to raise interest rates, which Wall Streeters like.