Wall Street, Led by Hewlett-Packard, Finishes the Week on a High Note (HPQ, AIG, AAPL)
Markets closed the week on a positive note Friday as Dow component Hewlett-Packard (HPQ) jumped over 10% on strong results. Insurer American International Group Inc (AIG) also posted surprisingly positive Q4 results, driving shares up over 2.5% for the day. Despite gaining 0.7% on Friday, the S&P 500 had its first negative week of 2013. Also helping stocks were comments by Fed Chairman Ben Bernanke that downplayed worries of the Fed creating "asset bubbles" that could be drags on the economy.Late in the day, a court ruled in favor of Einhorn and Greenlight Capital, blocking Apple's (AAPL) shareholder vote.
Word on the Street
- The Boeing Company (BA) announced that it would be meeting with the FAA to propose battery fixes.
- Shares of Texas Instruments Inc (TXN) rose as the company raised its dividend by 33% and boosted its stock buyback program.
- Gold declined, ending under $1,600 in second straight week of losses.
- The Euro hit a 6-week low vs the USD on Friday after the ECB announced a smaller-than-expected repayment of crisis loans.
- Shares of Abercrombie & Fitch Co (ANF) dropped 4.5% as it announced that 4th-quarter comparable sales declined.
Published on Feb 22, 2013By InvestorGuide Staff