U.S. stocks advanced Friday but not enough to overcome a third consecutive week of losses.
The Dow Jones Industrial Average rose 176.44 points, or 0.53%, to close at 33,203.93. The S&P 500 rose 22.43 points, or 0.59%, to close at 3,844.82, and the Nasdaq rose 21.74 points, or 0.21%, to close at 10,497.86.
Stocks dropped in early trading after a Commerce Department report showed prices for services rose faster than expected last month. The Personal Consumption Expenditures price index, or PCE, rose 5.5% in November from a year earlier, which was lower than in October, when prices rose 6.1% annually.
Stocks turned around later in the morning after a University of Michigan survey showed that consumers are still optimistic about the economy.
Some stocks that rose Friday included CarMax (KMX), which closed at $60.15, up $2.95, or 5.17%. Amazon (AMZN) shares rose 1.74%, or $1.46 a share, to close at $85.25.
“The economic numbers announced today highlight the difficulty for investors today, where weak numbers bring recession fears and strong numbers bring Fed fear,” Louis Navellier, founder and chief investment officer of Navellier & Associates told CNBC.