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NEW YORK (CNNMoney)
The Dow Jones Industrial Average and the S&P 500 both rose slightly in early trading, though the Nasdaq was down a bit. Still, it's been a strong week -- and for that matter, month -- for stocks.
Twitter grabbed plenty of headlines when the social networking site revealed after the closing bell Thursday that it had issued a confidential filing with the Securities and Exchange Commission for a planned IPO.
Investors were awaiting more details on the offering. Twitter has not yet disclosed information about sales, profits and other key financial information. It is also not clear if the company will list its shares on the New York Stock Exchange or Nasdaq.
But Twitter's IPO filing comes at a time when social media stocks are red hot. Facebook (FB) and LinkedIn (LNKD) are near all-time highs. Groupon (GRPN) has more than doubled in 2013 while Yelp (YELP) has more than tripled.
On Friday, Twitter's IPO news was already boosting two investment firms that have stakes in Twitter. GSV Capital (GSVC) shares were up by more than 10% while the Firsthand Technology Value Fund (SVVC) was up almost 6%.
Also in the tech world, Intel (INTC, Fortune 500)shares were up almost 3% after receiving an analyst upgrade. Yahoo (YHOO, Fortune 500), meanwhile, had pulled back after reaching a 5-year high Thursday.
Related: Twitter files for IPO
Investors will also be keeping tabs on a batch of economic releases Friday. Before the opening bell, the Census Bureau reported that although monthly retail sales were up modestly in August, they were lower than expected. Auto sales rose nearly 1% in August, but consumers cut back at other retailers, including clothing and sporting good stores.
Despite the weaker sales, many investors still think that the Fed will decide to begin scaling back its quantitative easing program at a meeting next week.
The Fed's bond buying drive has helped push stocks to record highs, and investors have worried that any sort of "tapering" will deflate the markets.
"The current expectation is that we'll see a small notional tapering at next week's Fed meeting," said Simon Smith, chief economist at FxPro.
Related: Fear & Greed Index still idling in neutral
Traders also continued to watch for developments on the Syrian conflict. The threat of U.S.-led military strikes against the Middle Eastern country has receded as Secretary of State John Kerry continues to pursue diplomatic negotiations over Syria's chemical weapons.
U.S. stocks closed with mild losses Thursday, with the S&P 500 index snapping a seven-day winning streak.
European markets were lower in midday trading Friday, while most major Asian indexes closed in the red.
First Published: September 13, 2013: 9:44 AM ET
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