NEW YORK — U.S. stocks kicked off the fourth quarter on a positive note, rising modestly even as a plethora of economic reports, including key manufacturing data, yielded conflicting signals.
The Dow Jones industrial average Friday closed up 41.63 points, or 0.4 percent, to 10,829.68. But the blue-chip index fell 0.3 percent for the week and snapped a four-week winning streak.
JPMorgan Chase was the Dow’s top gainer, rising 2 percent. Friday’s gains came after the Dow surged 7.7 percent last month, its best September performance since 1939, and rallied 10.4 percent in the third quarter, its best quarterly performance in a year.
Investors are hesitant to put more money into the market at the start of October due to skepticism that the strength seen in September can continue without a pullback.
“The fact that we were so ahead of ourselves in September” doesn’t bode well, said Chip Cobb, senior vice president at Bryn Mawr Trust Asset Management. “People just are not willing to commit the money at this point.”
The Nasdaq composite edged up 0.1 percent to 2,370.75. The Standard & Poor’s 500-stock index rose 0.4 percent to 1,146.24, led by the energy and materials sectors. The index earlier climbed as high as 1,150.
Traders noted that the S&P 500 has risen above that level in recent days but hasn’t decisively risen above it, adding to the market’s volatility.
Trading was jittery after the Institute for Supply Management said the U.S. manufacturing sector expanded in September, but at a slower pace than in August.
The ISM’s manufacturing purchasing managers index fell to 54.4 from 56.3 in August. Readings above 50 indicate expanding activity, and September was the 14th consecutive month of growth. But investors said certain data points triggered alarm about the economy’s health.
Investors also continued to stew over the possibility of the Federal Reserve taking further action to stimulate the economy.
