Stocks Claw Into Positive Territory To End The Week

Michael Teague |

Stocks mounted a late-day comeback on Friday as indices lurched their way into the green just before the conclusion of the week’s trading activities.

The Standard & Poor’s 500 ended the day at 1,691.65 points, an advance of 0.08 percent, while the Dow Jones Industrial Average closed 0.02 percent higher at 15,558.83 points, and the NADAQ added another 8 points, 0.22 percent, to finish at 3,613.16.

Economic data was sparse, but modestly encouraging. The University of Michigan’s July consumer confidence survey was released, indicating that the headline index rose from June’s 84.1 to 85.1 in July, while economists were expecting a decline to 84 and preliminary findings early in the month predicted a drop to 83.9. The results are encouraging as they indicate consumers are holding steady despite higher gas and food prices.

Meanwhile, the usual concern over what the Fed will do next with fiscal policy is being complicated by the question of who will head of the US Central Bank next year. While many have taken it as a given that Janet Yellen will replace Bernanke next year, there has been considerable talk over the last few days that Larry Summers is in fact the favored replacement.

Otherwise, the continuing blizzard of earnings reports served as the driving force behind stocks.



Starbucks (SBUX) led gainers on the S&P 500, advancing 7.6 percent to close at $73.36 after the company reported earnings late Thursday indicating top and bottom line beats, with revenue especially coming in well ahead of estimates.

Shares for oilfield services company Halliburton (HAL) ended the day nearly 4 percent higher after the company pleaded guilty to destroying evidence related to 2010’s Deepwater Horizon disaster that spilled millions of barrels of oil into the Gulf of Mexico. The plea was part of a settlement with the Department of Justice that includes a $200,000 fine and a 3-year probationary period. The company’s board also voted to approve a $3.3 billion share-repurchasing program.

Aerospace and defense juggernaut Boeing (BA) created an undertow on the Dow after continuing problems with its new 787 Dreamliner planes. The company ended the day 1 percent lower to $105.60.

On the NASDAQ, online travel company Expedia Inc. (EXPE) watched as its stock nearly collapsed, dropping over 27 percent to end the day at $47.20 after reporting second quarter earnings that were $0.15 short of analyst expectations.

Facebook (FB) ended the day 1 percent lower after the company’s earnings report release late Wednesday sent shares soaring about 30 percent during Thursday trading. The stock ended the day at $34.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
FB Facebook Inc. 175.70 1.14 0.65 3,053,596 Trade
EXPE Expedia Inc. 153.60 0.20 0.13 161,331 Trade
SBUX Starbucks Corporation 54.85 -0.55 -0.99 2,024,380 Trade
BA Boeing Company (The) 260.96 1.92 0.74 483,736 Trade
HAL Halliburton Company 43.41 -0.01 -0.02 1,628,747 Trade
GEHDY Great Eastern Holdings Ltd. (Singapore) ADR 30.83 0.00 0.00 0

Comments

Emerging Growth

Taranis Resources Inc.

Taranis Resources Inc is an exploration stage company. The Company along with its subsidiaries is engaged in the acquisition and exploration of mineral properties. Its projects include Thor Property in…

Private Markets

Quants Inc

Quants, Inc, a California Corporation, develops, markets and operates financial technology platforms and alternative investment products offering sophisticated risk management since 2010. The Company has primarily sharpened its focus with…

Voleo

Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…