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Stocks snap 3-week losing streak

Friday, March 20, 2015 - 01:35

Stocks finished the week off strong, with the Nasdaq hitting a 15-year high. Bobbi Rebell reports.

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Nike led stocks on a sprint accompanied by biotech shares. The Nasdaq rose for the fifth straight day, hitting its highest level since 2000 . The Dow and S&P 500 snapped their three-week losing streak. Schwab's Randy Frederick: SOUNDBITE: RANDY FREDERICK, MANAGING DIRECTOR OF TRADING AND DERIVATIVES, CHARLES SCHWAB (ENGLISH) SAYING: "Today, people woke up and said, hey, whatever we were excited about on Wednesday we should still be excited, and that is, that perhaps the Fed is not going to raise rates in June as many people thought. That's probably been pushed out a few months into at least the second half of this year." Biogen shares rocketed higher, adding to its 28 percent gain this year. Its experimental drug became the first to significantly slow mental decline in Alzheimer's patients. Big movers on the property front: Shares of KB Home rose after the homebuilder sold more homes at higher prices in the latest quarter. Macerich's shares dropped even though mall owner Simon Property upped its unsolicited bid for its smaller rival. This suggests investors doubt the deal would go through. Simon Property's shares rose. Also falling: Tiffany. Several brokerages cut their price target on the upscale jeweler. Tiffany warned the strong dollar would cause sales to drop sharply in the current quarter and next year. Brokerage analysts did the opposite with Nike. Its shares jumped higher. The sportswear maker's quarterly profit beat estimates, but it warned the strong dollar would hurt revenue and profit next year. A sea of green across Europe. Shares bolted higher as investors bet that the stronger dollar would lift earnings.

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Stocks snap 3-week losing streak

Friday, March 20, 2015 - 01:35