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Best week for stocks since December 2014

Friday, November 20, 2015 - 01:16

Despite attacks in Paris and Mali, U.S. equities closed out the week on an upnote as the Dow turned positive for the year. Jeanne Yurman reports.

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U.S. stocks ended the day higher as the Dow turned positive for the year and the S&P 500 had its best week since December. This, despite geopolitical concerns such as the terror attacks in Paris and Mali. Fisher Investments' Ken Fisher: (SOUNDBITE) KEN FISHER, CEO, FISHER INVESTMENTS (ENGLISH) SAYING: "There's a bull market that is still recovering from the downturn that it had from the summer. And, fundamentally, what it's wanting to do is grind through fears. So, it's grinding through the fear of what happened with the terror attacks last week, it's grinding through the fears of what will happen with the interest rate hike." Retail stocks were in vogue. Teen apparel retailer Abercrombie & Fitch's shares soared after its quarterly profit more than doubled. And shares of Foot Locker and Ross Stores also rose on positive earnings news. Allergan's shares moved higher after reports that the U.S. Treasury's new rules on corporate tax benefits were unlikely to threaten its deal with Pfizer. Shares of Google's parent, Alphabet, closed higher after Google announced a plan to launch a Chinese version of its Google Play smartphone app next year. And Tesla's stock fell after it announced a recall of 90,000 Model S sedans for a seat belt defect. European markets ended the day mixed.

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Best week for stocks since December 2014

Friday, November 20, 2015 - 01:16