RTRS: US STOCKS-Market edges up on bargain hunting, Google
NEW YORK, Oct 17 (Reuters) - U.S. stocks gained slightly in skittish trade on Friday, with the Nasdaq briefly rising 1 percent as investors scoured the market for beaten-down shares, offsetting mounting concerns about recession.
A report showing that construction starts on U.S. homes slid to a new 17-1/2-year low increased recession fears, but reassuring profits from such bellwethers as Google Inc (GOOG.O: Quote, Profile, Research, Stock Buzz), up more than 7 percent, encouraged investors seek bargains.
Sentiment got a lift from billionaire investor Warren Buffett, writing in the New York Times, who said he is buying U.S. stocks. That gave investors yet another reason to wade back into the market, albeit cautiously. For details, see [ID:nBNG69229].
The Dow Jones industrial average .DJI was up 1 point, or 0.01 percent at 8,980.26. The Standard & Poor's 500 Index .SPX was up 0.50 point, or 0.05 percent, at 946.93. The Nasdaq Composite Index .IXIC was up 7.01 points, or 0.41 percent, at 1,724.72, after gaining 1 percent to a session high at 1,734.88.. (Reporting by Ellis Mnyandu; Editing by Jan Paschal)
