Dow gains for third straight week; markets closed Monday

By David K. Randall, AP Business Writer

NEW YORK — The Dow Jones industrial average edged higher Friday ahead of the long holiday weekend, posting a third straight week of gains.

Markets will be closed Monday for the Presidents Day holiday.

The Dow has lost ground only three days in February. The average of 30 large companies rose 1% this week and 4.2% for the month.

The broader S&P 500 index also gained 1% this week and 4.4% this month.

Caterpillar rose 2.4% to lead the Dow.

The Dow gained 73 points, or 0.6%, to close at 12,391. The S&P 500 rose 2 points, or 0.2%, to 1,343. The Nasdaq composite rose 2, or less than 0.1%, to 2,834.

Campbell Soup fell after the company said its profit fell 8% in its latest quarter. The company also cut its outlook for the rest of its fiscal year.

Intuit jumped after the personal finance software maker raised its forecast for full-year earnings growth late Thursday.

Trading was muted with little expected in the way of economics news or corporate announcements. Markets will be closed Monday for the Presidents Day holiday.

How is the Dow doing?

Dow Jones industrial average, five days Officials from countries in the Group of 20 met in Paris Friday to discuss issues affecting the global economy. In a speech at the conference, Federal Reserve Chairman Ben Bernanke said that countries with large trade surpluses like China should let their currencies rise in value in order to prevent another financial crisis. He also said that countries with large trade deficits must reduce government spending over time, an apparent reference to the United States.

Markets will be closed Monday for the President's Day holiday.

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