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S&P chalks up yet another record

Tuesday, February 17, 2015 - 01:49

Investors drive U.S. stocks higher despite a break down in Greek debt talks with the S&P 500 notching yet another new high. Jeanne Yurman reports.

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You'd think the collapse of the Greek debt talks would deter investors from buying stocks. But it didn't. The S&P 500 rose to another all-time high as the Dow neared its record high. U.S. Bank senior portfolio manager Eric Wiegand: SOUNDBITE: ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK (ENGLISH) SAYING: "Globally, there's much less exposure to Greece than there was during prior periods. That's likely helping to temper some of the concern. But it's still directionally impacting the markets." Burgers and donuts apparently go well together. The company formed out of Burger King's takeover of Tim Hortons, Restaurant Brands, reported robust sales growth at both chains, pushing shares higher. Cablevision's shares, however, stumbled on a downgrade. UBS cut the media company to "sell" from "neutral." It cautioned that Cablevision could lose subscribers to Verizon, and spending on its new Wi-Fi only phone service may hurt results this year. Starwood Hotels' shares rose sharply after its CEO, Frits van Paasschen, suddenly resigned. The stock of the operator of Sheraton, Westin and other brands has risen less than half of that of rival Marriott since van Paasschen took over in 2007. Shares of real estate website operators Zillow and Trulia moved higher after announcing recently that regulators will not to block Zillow's acquisition of Trulia. It now looks to close the deal as early as Tuesday. Economics news was downbeat. U.S. home builder sentiment fell for the second straight month in February. And the New York Fed's gauge of future business conditions fell by the most in six years. Over in Europe, the fall in Greek stocks weighed on European shares, which closed mixed.

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S&P chalks up yet another record

Tuesday, February 17, 2015 - 01:49