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Caution as Wall Street rallies

Thursday, May 24, 2012 - 01:18

May 24 - Summary of business headlines: Volatile trading on Wall St.; April durable goods orders not as strong as expected; Facebook stock gets a bounce; Costco beats forecasts, Tiffany cuts outlook. Conway G. Gittens reports.

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Most of Wall Street squeezed out a four-day gain, but worries about a possible Greek exit from the euro zone is still keeping investors on the sidelines. The Dow and the S&P 500 moved higher, but the Nasdaq suffered a loss. Orders for U.S. durable goods for April also did little to encourage sentiment. Demand for large ticket items rose less than expected, according to the Commerce Department. And jobless claims were down only by a tad last week, keeping alive worries of a lackluster labor market. Facebook had its first day of gains since its market debut nearly a week ago, but the stock is still below its $38 IPO price. Lawsuits and accusations continue to fly as investors look to be made whole. Profits at warehouse club Costco beat forecasts and sales were up from a year ago, but on the other side of the spectrum luxury retailer Tiffany cut its fiscal year outlook blaming weakening demand in the U.S. and abroad. And speaking of abroad - European markets were up despite signs the region's economic slump is deepening. Conway Gittens, Reuters

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Caution as Wall Street rallies

Thursday, May 24, 2012 - 01:18