Market Rally Pauses as the Fed Calls for More Time (YHOO, CPB)
Despite hitting new highs earlier in the day the major indices finished in the red on Monday. Yahoo's (YHOO) stock went up and down as the company tries to complete its deal to purchase Tumblr for $1.1 billion. Energy companies such as Chesapeake Energy Corp. (CHK) and First Solar Inc. (FSLR) had a strong day and were part of the top sector for the S&P.Even though Campbell Soup Co. (CPB) revised its yearly expectations higher shares dropped 3.6%. The Fed called for more time to assess progress in the labor market sending the dollar slightly lower on Monday and oil futures higher for the fourth session in a row.
Word on the Street
- Energy stocks like WPX (WPX) and Chesapeake (CHK) finish among S&P gainers on Monday.
- Britain's FTSE index closest at its highest since late 2000 thanks to bank stocks.
- Microsoft (MSFT) expected to unveil a new Xbox game on Tuesday, 8 years since its last.
- US and EU to negotiate Chinese settlements regarding solar panel shipments.
- The Sun Shines on SolarCity (SCTY) Again.
Published on May 20, 2013By InvestorGuide Staff