Consumer Sentiment Pushes Stocks Higher on Friday (FB, JWN)
On Friday it was announced that consumer sentiment in the US rose more than expected, sending stocks higher by the end of the day. While this was great news much focus still remained on the subject of quantitative easing and what the Fed plans on doing in the near future. Tech stocks posted gains in the wake of their IPOs or IPO anniversaries including Facebook (FB), Marketo Inc. (MKTO) and Tableau Software (DATA). Nordstrom (JWN) fell on Friday after reporting a drop in Q1 profit and lowering its forecast for 2014.The US dollar rose above 103 yen for the first time in four years and gold dropped for the seventh session in a row.
Word on the Street
- Consumer confidence in the US nears a six-year high.
- The Fed's Kocherlakota calls for low interest rates until jobless rate normalizes.
- Tesoro (TSO) gets approval to buy BP Plc's (BP) California refinery for over $2 billion.
- Tech stocks posting gains in the wake of their IPO anniversaries, including Facebook (FB).
- Wendy's (WEN) attempts to go bistro with newly renovated stores.
Published on May 17, 2013By InvestorGuide Staff