Rally Continues on Positive Earnings; Google Tops $900 (GOOG, CSCO)

The major indices continue to rally and extend their record run of highs. Reports noted a contraction in US manufacturing but stocks were able to shake this news off and surge higher. Google (GOOG) closed at a record share price over $900 after revealing new features and a monthly music streaming service at a conference on Wednesday. Cisco (CSCO) released earnings that beat estimates for the quarter. Global economic worries continued after reports were shared that the eurozone is currently in its longest recession in history.
Weaker than expected GDP data was released in the EU and spurred hopes that the ECB will further ease their monetary policy. After a four session decline oil finally ended higher above $94 a barrel despite dipping earlier in the day to about $92.

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Published on May 15, 2013
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

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