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.
Word on the Street
- US factory output dropped by 0.4% in April, suggesting slowing of economic growth.
- Data shows the EU economies shrank for the sixth quarter in a row.
- Wells Fargo (WFC) to pay $203 million to settle overdraft case.
- Google (GOOG) launches service to compete with Spotify and other music streamers.
- Gold futures fall below $1,400 an ounce--the lowest close in about 4 weeks.
- Tesla (TSLA) Stock Off 5 Percent as Short Squeez Abates.
Published on May 15, 2013By InvestorGuide Staff