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7th winning week for stocks

Friday, November 22, 2013 - 01:47

Nov. 22 - Summary: Stocks winning streak continues; Biogen, Splunk rise; Intel down after investor meeting; Time Warner Cable bidding update. Bobbi Rebell reports.

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Wall Street finishing the week strong- the Dow and the S&P 500 hitting their 7th week in a row of gains- and hitting new record highs- with the S&P 500 closing above 1800 for the first time ever. For the week the Dow rose 0.6 percent- the S&P and the Nasdaq up slightly. For the Dow- the seven week streak is the longest one since an 8 week streak that started in December of 2010. Atlanta Fed president Dennis Lockhart said on CNBC that monetary policy is likely to be accommodative for some time- even though rolling back the pace of the central bank's bond buying program will be on the table at their December meeting. Shares of Biogen shot up after the company won 10 years of exclusivity for its multiple sclerosis drug from regulators in Europe. An even bigger winner- Splunk. The data analytics software maker reported better than expected quarterly results and raised its full year forecast- thanks to customers like Tesla and Nasdaq OMX. Intel was drag on both the Dow and S&P 500 after its investor meeting. The company acknowledged it had underestimated to impact of the mobile revolution, and many investors questioned the chipmaker's new strategies. Bidding for Time Warner Cable could heat up. Comcast is now a potential bidder, according to several media reports. Charter Communications is also a potential buyer. Shares of all three companies were higher on Friday. In Europe, indexes were mixed- hovering near multi-year highs. New data from Thomson Reuters' Lipper service shows European shares enjoyed a 21st straight week of inflows from U.S. investors- the longest since they started to monitor flows back in 1992.

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7th winning week for stocks

Friday, November 22, 2013 - 01:47