Street Extends Positive Gain as Consumer Spending and Income Rise (MSFT, CAG)
US stocks surged for a third day on Thursday. A handful of positive reports were released, including news that personal income and spending were up for the month of May. Jobless claims since last week dropped and were consistent with moderate labor market growth. Mortgage rates in the US have jumped to 4.46%, the highest average in two years. Another analyst cut Apple's (AAPL) price target and the company saw shares fall for another day. Yelp Inc. (YELP) fell 1.2% while ConAgra Foods (CAG) jumped 5.7% after announcing a Q4 profit.The price of oil rose for a fourth consecutive session to over $97 a barrel.
Word on the Street
- Consumer spending rebounds in May, jobless claims fall.
- Three more Fed officials assure investors that a taper won't begin until the economy is stronger.
- Microsoft (MSFT) stands out as tech sector gets a lift.
- The 30-year mortgage rate nears a two-year high on Fed news.
- Spreadtrum (SPRD) Receives a $1.5 Billion Buyout Offer.
Published on Jun 27, 2013By InvestorGuide Staff