In an April 12, 2012 file photo traders Frederick Reimer, left, Gregory Rowe, center, and Robert Moran, second from right, work on the floor of the New York Stock Exchange. U.S. futures augured a lower open on Wall Street Friday June 8, 2012. Dow Jones industrial futures fell 0.7 percent to 12,316 and S&P 500 futures lost 0.8 percent at 1,299.60. (AP Photo/Richard Drew)
In an April 12, 2012 file photo traders Frederick Reimer, left, Gregory Rowe, center, and Robert Moran, second from right, work on the floor of the New York Stock Exchange. U.S. futures augured a lower open on Wall Street Friday June 8, 2012. Dow Jones industrial futures fell 0.7 percent to 12,316 and S&P 500 futures lost 0.8 percent at 1,299.60. (AP Photo/Richard Drew)
Stocks rose on Friday after the government said businesses are restocking their shelves faster than analysts had expected. The market was headed for its biggest weekly gain of the year.
After declining almost 63 points in the morning, the Dow Jones industrial average was up slightly after noon, rising 13 points to 12,474.
The turnaround came after the Commerce Department said U.S. wholesale stockpiles grew 0.6 percent in April. That's twice as fast as their March growth and a sign that businesses are ordering the goods that should lead to increased factory production and sales. Investors had been braced for more sluggish growth.
Wal-Mart Stores was the biggest gainer in the Dow, up $1.90, or 2.9 percent, at $67.77. Other companies that depend heavily on a strong economy grew too, including Intel Corp., up 43 cents, or 1.7 percent, at $26.37, and General Electric, up 14 cents, or 0.7 percent, to $19.14.
The Standard & Poor's 500 index rose one point to 1,316, and the Nasdaq composite rose nine points to 2,840. All three market indexes were up 3 percent or more for the week, their biggest gains of the year.
Energy prices fell, causing energy stocks to fall, too. They were down 0.9 percent as a group, the biggest decline among the S&P 500's 10 industry categories.
Markets also fell in Asia. Shanghai's stock index lost a half-percent, the fifth day of losses. Japan's Nikkei fell 2.1 percent.
Chinese leaders have been showing signs of urgency ahead of May trade and industrial data due out this weekend that might be even weaker than earlier pessimistic forecasts. The Chinese government cut interest rates for the first time in four years and has reduced gasoline and diesel prices for the second time in a month.
Over the long run, that will put more money in the pockets of Chinese consumers. In the short run it's a sign that the government is worried about growth.
"That shows they're being proactive, but on the other hand, it also makes you wonder, what's the data is really like?" said Uri Landesman, president of Platinum Partners. "I'm wondering how bad the data's going to be. I'd be very surprised if it's good."
China is a key U.S. trade partner so its growth is important to U.S. companies. Its importance is magnified by the possibility that Europe's economy will go from slow growth to shrinkage, Landesman said.
Major European markets fell. France's benchmark index lost 1.3 percent, Britain's dropped 0.8 percent and Germany's fell 0.9 percent.
Yields fell on U.S. Treasurys, a sign that investors want the relative safety of U.S. debt. The yield on the benchmark 10-year Treasury note fell to 1.59 percent from 1.64 percent late Thursday. The euro fell about a penny against the dollar to $1.25.
Facebook rose 91 cents, or 3.5 percent, to $27.22 after announcing an "app center" that will recommend new add-on software for users. Anything that boosts user interaction is likely to help it sell more ads, which has been a key concern for investors in its new stock, which debuted three weeks ago at $38.
Chesapeake Energy Corp. said it will sell pipeline assets in three separate deals for a total of more than $4 billion in cash. The stock rose 2 cents to $17.88.
Shares of truckmaker Navistar International Corp. rose $2.30, or 9.5 percent, to $26.41 after investor Carl Icahn boosted his stake.
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