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S&P ekes out another record

Wednesday, Apr 02, 2014 - 02:17

April 2 - Summary: Econ momentum lifts stocks; Amazon unveils Fire TV; GM CEO faces Senate committee on recalls; ADP payrolls report misses forecasts; Google stock split. Bobbi Rebell reports.

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New records for U.S. stocks- up on data that suggested the economy is doing better after a winter-related pullback earlier in the year. The Dow, the S&P 500, and the Nasdaq, all posting gains- the S&P closing at a new record high. General Motors CEO Mary Barra was back. In her second day of grilling on Capitol Hill - Barra told a Senate committee that the company hoped to complete its internal investigation into the use of faulty ignition switches in 45 to 60 days. SOUNDBITE: MARY BARRA, CEO, GENERAL MOTORS, (ENGLISH) SAYING: "We will share everything and anything that's related to safety of our vehicles that's related to safety of this incident. I will share that with the customers, will share that with you, with our regulators." In economic news... New optimism ahead of Friday's jobs report. The ADP National Employment Report showed domestic private employers added 191,000 workers in March,- and while that was just shy of forecasts- the previous month was revised up. Separately factory orders posted their biggest gain in seven months . Amazon unveiled a $99 video streaming device called Fire TV. The company says it will be more powerful and easier to use than rival services by Apple, Google and Roku. BTIG Analyst Rich Greenfield: (SOUNDBITE): RICH GREENFIELD, ANALYST, BTIG (ENGLISH) SAYING: "1000 Obviously Netflix is competing with prime instant video but amazon is smart enough to realize that consumers want everything. they don't want to pick and choose between content and they're enabling an open ecosystem where lots of content provider can be available to consumers. " Google stock fell - the company announced a 2-1 stock split. The additional class C shares will be a non voting - and will keep the GOOG symbol- and- by the way the deal is structured will leave Google's founders Larry Page and Sergey Brin in driver's seat. MannKind's shares skyrocketed up more than 75 percent after the Food and Drug Administration panel recommended approval of its diabetes drug. Delta shares fell - flight cancellations lowered its March quarter profit by $55 million. And in Europe, shares extended their winning streak into a seventh straight day.

S&P ekes out another record

Wednesday, Apr 02, 2014 - 02:17

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