Major stock indexes finish at 4-year highs

NEW YORK -- A late rebound gave Wall Street modest gains Friday as acquisitions helped lift the major indexes to four-year highs.

Lower oil prices also helped stocks, easing worries about consumer spending ahead of the holiday shopping season. But many analysts remain split over whether the market will have its usual year-end rally, and trading has become erratic as mixed economic and earnings data has left investors wondering about the economy's health.

"You've had a pretty good run off the October bottoms," said Russ Koesterich, senior portfolio manager at Barclays Global Investments. "But there really are no major catalysts to help support the market coming into these levels.

"You don't want to read too much into a Friday of late November," he added.

Crude futures fell to five-month lows, although the approaching winter weather still has many concerned about oil and gas supplies. A barrel of light crude dropped 20 cents to settle at $56.14 on the New York Mercantile Exchange.

At the close of trading, the Dow Jones industrial average climbed 46.11, or 0.43 percent, to 10,766.33, after retreating from a 76- point gain earlier in the day.

Broader stock indicators reached their highest levels since mid- 2001. The Standard & Poor's 500 index was up 5.47, or 0.44 percent, at 1,248.27, and the Nasdaq composite rose 6.61, or 0.3 percent, to 2,227.07.

For the week, the Dow added 0.75 percent, the S&P 500 rose 1.1 percent and the Nasdaq gained 1.12 percent.

Improving economic and earnings figures have built a foundation on which the market could close out the year with double-digit gains, said Susan Malley, chief investment officer for Malley Associates Capital Management.

"Stocks are up 5 percent or 6 percent since their October lows, and the market has broadened considerably -- instead of just energy, most of the sectors are performing," Malley said. Coupled with recent upbeat news, "that makes me feel optimistic about the rest of the year."

In acquisition news, General Electric Co. has agreed to sell most of its insurance business to Swiss Reinsurance Co., the world's second-largest reinsurer, for $6.8 billion in cash and stock. Swiss Re also will assume $1.7 billion of GE's debt.

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