NEW YORK (AP) – U.S. stocks made small gains on Friday as China’s currency stabilized and oil edged up after hitting lowest price in more than six years. Slightly disappointing European growth figures weighed on stock markets there.
KEEPING SCORE: The Dow Jones industrial average rose 47 points, or 0.2 percent, to 17,445 as of 10:24 a.m. Eastern time. The Standard & Poor’s 500 index rose three points, or 0.2 percent, to 2,086. The Nasdaq composite fell two points, or less than 0.1 percent, to 5,031.
CHINA CALM: China’s currency, the yuan, was stable after falling sharply earlier this week. On Friday, the dollar was buying 6.3901 yuan, little changed from the previous day when Zhang Xiaohu, a deputy governor at People’s Bank of China, said there is “no basis for persistent and substantial devaluation.”
OIL LOW: The price of crude oil is rising after hitting its lowest price in more than six years amid concerns over a slowing economy in China, a huge energy consumer, and abundant global production. The price of benchmark U.S. crude rose 31 cents to $42.54 a barrel.
RETAILERS JUMP: J.C. Penney rose 63 cents, or 7.8 percent, to $8.70 after reporting a narrower loss in its second quarter on stronger-than-expected sales as the department store chain continues to turn its business around. Nordstrom also beat expectations. It rose $4.86 cent, or 6.5 percent, $79.78.