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Stocks add to Tuesday gains

Wednesday, March 02, 2016 - 01:15

Energy and bank stocks led Wall Street higher after strong jobs data dispelled concerns over the health of the U.S. economy. Bobbi Rebell reports.

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Wall Street turned higher despite intraday losses. Energy and Bank stocks helped stocks add to Tuesday's rally. Strong jobs data dispelled concerns over the health of the U.S. economy. But Goodhaven Fund's Larry Pitkowsky is still concerned about the economy, specifically because of recent earnings reports. (SOUNDBITE) LARRY PITKOWSKY, CO-PORTFOLIO MANAGER, GOODHAVEN FUND (ENGLISH) SAYING: "The results look pretty mediocre overall. So, color us skeptical about a euphoric market rise." Holiday sales at Abercrombie & Fitch rose during the latest quarter. The teen clothing retailer snapped a three-year streak of declines. Seed company Monsanto cut its earnings outlook for the year, blaming a strong dollar and weak commodities prices. Zynga shares rose after the online games developer named former Electronic Arts executive Frank Gibeau as CEO. Chesapeake Energy CEO Aubrey McClendon died in a car wreck one day after he was indicted with conspiring to rig bids to buy oil and natural gas leases. A source tells Reuters U.S. regulators are looking at Valeant Pharmaceuticals' relationship with specialty pharmacy Philidor RX Services as part of its probe. In Europe, banks and miners led shares higher, but the FTSE 100 finished lower.

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Stocks add to Tuesday gains

Wednesday, March 02, 2016 - 01:15