US Stocks End Four-Week Run; Durable Goods Orders Rise 3.3%
The US markets ended what was four weeks of gains and mostly declined for a third consecutive day on Friday. Despite the mixed trading, positive economic news was released - orders for durable goods in April jumped more than was expected, indicating that the US continues to be resilient and grow. Proctor & Gamble (PG) edged higher on Friday after bringing back retired CEO Lafley to help restructure the company. Sears (SHLD) stumbled 14% and Abercrombie & Fitch Co. (ANF) fell 7% after both companies reported Q1 losses.Many continue to wait for more information regarding the Fed's plan to scale back its bond purchases.
Word on the Street
- China continues to disappoint as its business sentiment indicator flops.
- Yahoo (YHOO), among others, submits a bid to buy Hulu.
- The board at News Corporation (NWS) approves proposed company split.
- P&G (PG) replaces former CEO with his retired predecessor.
- Aruba Networks (ARUN) Gets Clobbered by Cisco (CSCO).
Published on May 24, 2013By InvestorGuide Staff