Markets Creep Higher as Positive Economic Data Offsets Sequester (GRPN, BBY)
Markets ended the week on a positive note as strong economic data outweighed investors' concerns over the impact of impending sequestration cuts. Negative news from abroad weighed on stocks early in the session, with Europe reporting that output had fallen and Asia reporting that factories had slowed. However, those early losses were quickly offset as reports showed that U.S. manufacturing expanded in February, along with a rise in consumer confidence. Washington failed to reach an alternative budget plan, meaning that across-the-board spending cuts would begin on Saturday. Shares of Groupon Inc. (GRPN) closed the day up over 12.5% as the company announced that it had parted ways with its CEO, while Best Buy (BBY) rose by 4.5% after reporting better-than-expected earnings.
Word on the Street
- Facebook (FB) announced that it was acquiring the Atlas Advertiser Suite from Microsoft (MSFT).
- A judge threw out part of the Apple (AAPL) patent award against Samsung.
- Chesapeake Energy (CHK) dropped over 2% after the SEC escalated it's investigation into the company.
- Treasuries rose for a second day on impending budget cuts.
- Berkshire Hathaway Inc. (BRK.A) reported a 49% surge in Q4 profits. View corporate performance here.
Published on Mar 1, 2013By InvestorGuide Staff