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Stocks close losing week with a day of gains

The Dow is up 43 points, the S&P rose 7 points, and the Nasdaq gained 27 points, with Google jumping nearly 13 percent after it reported huge gains for the second quarter

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Seth Wenig / AP
In this July 11, 2011 file photo, a trader works on the floor at the New York Stock Exchange in New York. World stock markets sputtered Friday, July 15, as investors weighed positive economic indicators against a new warning on US debt.

NEW YORK (AP) — A late rally Friday is helping the stock market avoid its worst weekly losses in nearly a year.

Concerns about Europe and weak U.S. factory output weighed on stocks on Friday. Those factors largely overshadowed a jump of nearly 13 percent for Internet-search giant Google after the company said its revenue hit an all-time high last quarter.

The S&P 500 is closing with a gain of 7 points, or 0.6 percent, to 1,316. The Dow is up 43, or 0.3 percent, to 12,480. The Nasdaq is finishing up 27, or 1 percent, to 2,790. The S&P finished the week with a loss of 2.1 percent.

Three stocks rose for every two that fell on the New York Stock Exchange. Volume was slightly higher than average at 4 billion shares.

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