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Dow, S&P 6th week of gains

Friday, Nov 15, 2013 - 01:26

Nov. 15 - Summary: Dow, S&P 500 close at new record highs, GE spins off credit card biz; Sony launches Playstation 4, Zulily soars in debut. Bobbi Rebell reports.

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U.S. stocks closing out the week at new record highs - their 6th week in a row of gains. Many of the winning stocks, including Exxon Mobil and JC Penney, got a boost after big hedge fund investors disclosed large stakes. For the week, the Dow and the S&P 500 were both up more than one percent. In Europe, stocks climbed higher getting closer to 5 year highs. GE plans to spin off its credit card unit as a separately traded public company. It's part of a long term plan to become less dependent on profits tied to the volatile financial sector. GE plans to focus more on its manufacturing businesses. U.S. industrial production fell unexpectedly in October. Output at power plants and mines declined. But there was a gain in manufacturing, a sign the economy remains on a moderate growth path. Sony launched its new Playstation 4 gaming console. It comes one week ahead of rival Microsoft's XBox One. And at $399 dollars the new Playstation will be $100 cheaper. Shares of Zulily soaring 71 percent in their first day of trading. The deal, for the website that runs flash sales targeted in large part at moms, priced above its expected range. And one week after its IPO, Twitter options began trading. While below its peak of about $50, Twitter shares remain well above its offering price of $26.

Dow, S&P 6th week of gains

Friday, Nov 15, 2013 - 01:26

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