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Wall St. bounces back with best day of 2014

Thursday, Feb 06, 2014 - 02:06

Feb. 6 - Summary: Wall Street had its strongest one day rally of the year as a drop in jobless claims and Disney's results a day earlier boosted confidence ahead of Friday's key jobs data. LinkedIn's guidance disappoints. Conway G. Gittens reports.

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The stock market typically does not soar the day before the all-important jobs report - but Thursday was unique. It was the best day of the year for the Dow and the S&P 500, with broad gains of more than one percent. Hopes of an improving labor market fueled the jump after a larger-than-anticipated fall in weekly jobless claims. On the earnings front: LinkedIn beat sales and net profit forecasts but its full-year outlook was weaker than hoped. Ahead of those results, weaker-than-expected demand outside of North America - leading to a profit miss at General Motors. But GM says wait a minute, analysts' forecasts were off because a restructuring was not fully factored into estimates. Nevertheless, some analysts may cut their 2014 outlook for the world's leading automaker. AOL had its best growth in a decade - with most of that coming from higher ad sales. But the stock gave up a rally to end the session lower. Wrapping up other earnings reactions: Twitter lost almost one-fourth of its value one-day after posting disappointing subscriber growth figures and time spent per user fell. Pandora has a different problem. Costs are on the rise at the streaming music service. Shares were down 10 percent. Over at Yelp, growth spiked in terms of average monthly users; half coming from mobile. Shares of the consumer review website surging roughly 19 percent on the news. And a more than 5 percent jump at Walt Disney gave blue chips the boost they needed thanks to "Frozen" being a hit at the box office. Apart from earnings, the chill that hit consumers in December extended into January leading to slower comparative sales at a number of retailers. A falling stock market and wintry weather had negative impacts at the shops as well. But there's some optimism out there that things will get better as temperatures rise: Costco, Gap, Kohl's and J.C. Penney- were some of the best performing stocks in the retail sector. In Europe, investors went on a buying spree even though the European Central Bank provided little clues on if more stimulus is on the way.

Wall St. bounces back with best day of 2014

Thursday, Feb 06, 2014 - 02:06

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