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Stocks sluggish despite signs of recovery

Tuesday, June 03, 2014 - 02:24

June 3-Strong auto sales failed to drive U.S. markets higher; the food fight over Hillshire Brands heats up; Quicksilver wipes out; Google Glass goes high class. Lily Jamali reports.

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A sluggish day for U.S. stocks, in spite of news that signaled economic recovery. The Dow, the S&P 500, and the Nasdaq all down slightly one day after fresh Wall Street records. U.S. auto sales showed a strong uptick in May, in the best annualized gain since before the recession. Even GM, plagued by a slew of recalls this year, reporting its best sales for the month of May in seven years, as did Chrysler. Factory orders were up for a third month in a row - confirming a rebound after a harsh winter. Bond yields are recovering from lows of the year set last week. Brian Jacobsen of Wells Fargo Advantage Funds says those lower rates may have less to do with what's happening here, than abroad. SOUNDBITE: BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO ADVANTAGE FUNDS (ENGLISH) SAYING: "I think a lot of people are positioning ahead of the European Central Bank's meeting Thursday morning. If they're anticipating the ECB is going to buy up a bunch of bonds, people are trying to get in front of that. I think the ECB might disappoint which means we could see bond yields go up and we could see stock prices fall on that. But I don't think it's going to be anything close to a market correction or anything like that." The bidding war for Hillshire Brands is heating up. Pilgrim's Pride upped its bid for the maker of Jimmy Dean sausages just days after Tyson Foods jumped into the fray. Hillshire Brands ended the day higher. Pilgrim's and Tyson ended lower. Other movers: AT&T fell despite raising its full-year revenue growth outlook for the second time. Discount retailer Dollar General rallying, though missing first quarter estimates. But - Surfwear retailer Quicksilver - plunging by as much of 45% during the trading day after declaring a larger than expected loss. Google Glass is going high class. The fashion-challenged frames are getting a little help from Diane Von Furstenburg. She's releasing a collection of the smart frames later this month. Shades in her "Made for Glass" collection will cost $1620 dollars - prescriptive lenses will run about another hundred. France's foreign minister called a possible $10 billion fine against BNP Paribas "unreasonable". U.S. authorities allege that the French bank stripped out information in wire transfers so nations - including Sudan, Iran and Syria - could skirt U.S. sanctions. Stocks in France were down slightly and so were other European markets.

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Stocks sluggish despite signs of recovery

Tuesday, June 03, 2014 - 02:24

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