Dow, S & P Continue Rally; Nasdaq Slips

May 2, 2008 11:52 p.m. EST

New York, NY (AHN) - Investors who remain confident about the economy prevailed over a setback in technology shares caused by Sun Microsystems' losses, allowing Wall Street to post weekly gains on Friday.

The Dow Jones Industrial Average rose 48 points to end at 13,058, 1.3 percent higher on the week. American International Group Inc. and DuPont led blue chip gainers.

The Nasdaq Composite Index lost nearly four points to end at 2,477 as server and software firm Sun Microsystems reported losing $34 million in the third quarter. Despite the decline, the technology-filled index still rose 2.2 percent from last week.

Energy and financial shares led the S & P 500 advance, boosting the stock index by four points for a 1,414 finish, a 1.1 percent weekly gain.

On the New York Mercantile Exchange, oil futures were up $3.80 to finish at almost $116 a barrel. Gold futures rebounded with a $7.10 gain to finish at $858 an ounce.