June 20 - Summary: U.S. stocks end higher for a sixth day; Oil and gold pull back slightly after hitting 9-month highs this week; Oracle, Darden, and Owens Corning disappoint. Lily Jamali reports.
▲ Hide Transcript
▶ View Transcript
PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL
U.S. stocks closing at new highs Friday. Volatility as measured by the VIX index has been very low all this week.
But in this market, a little is all you need. The Dow, S&P 500 and the Nasdaq finishing up a six-day winning streak.
For the week: the Dow gained one percent and the Nasdaq rallied 1.3 percent.
Stuart Hoffman, chief economist at PNC Financial, says he's no bear on this market:
SOUNDBITE: STUART HOFFMAN, CHIEF ECONOMIST, PNC FINANCIAL (ENGLISH) SAYING:
"Better growth in the economy and better earnings will be supporting the stock market and of course, Janet Yellen said the Fed's in no hurry to raise interest rates and the markets have totally built in that they're going to keep tapering. I see the rides in the stock market to consecutive new highs as a positive sign for the economy this quarter but particularly into the latter half of this year."
Oil prices pulling back slightly after hitting nine-month peaks triggered by events in Iraq. Gold - also edging lower from nine-month highs but still finishing Friday with its biggest weekly gain in four months.
Market movers on this Friday: Used-vehicle retailer CarMax reported first-quarter earnings that beat analysts' expectations. Shares surged to a six-month high.
From one of the S&P's best performers to one of the worst: Oracle - seeing shares slide after the software-maker posted disappointing first-quarter results.
Darden, which runs the Olive Garden and Red Lobster, feeling the pinch after the chain restaurant operator's quarterly profits came in much lower than expected on soaring costs. Recent sales at Olive Garden could use some more spice. So could the stock of its parent, which hit a four-month low.
Homebuilder stocks took a hit after Owens Corning lowered its outlook for the fiscal year on weakness in its roofing business.
And gun maker Smith and Wesson shares fell after the company said Americans are buying fewer guns.
A change of heart from the French, which now supports a merger between GE and the French engineering company Alstom's energy business. The company's final decision is expected on Monday.
European markets finished the day mixed.