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Stocks break weekly winning streak

Thursday, March 24, 2016 - 01:17

Stocks closed out the trading week mixed, but down for the week ending a five-week run of positive weekly performances. Bobbi Rebell reports.

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Stocks were mixed of the Easter weekend. The dollar climbed for the fifth straight session, knocking down oil and commodities prices. Also sending shares lower: orders for manufactured goods fell in February. Stocks ended the week down for the first time in six weeks. Jack Ablin of BMO Private Bank: (SOUNDBITE) JACK ABLIN, CHIEF INVESTMENT OFFICER, BMO PRIVATE BANK, (ENGLISH) SAYING: "I think, it's a little bit of profit taking. We had a nice surge that lasted several weeks, and you know, we had some pretty supportive monetary policy at least from abroad." The biggest decliners: financials. Wells Fargo fell after UBS issued a "sell" rating, citing a cloudy revenue outlook and credit risks. Shares of set-top box maker TiVo jumped higher after the New York Times reported it's in talks to be sold to entertainment guide provider, Rovi. Yahoo shares slipped after activist hedge fund Starboard Value launched a proxy fight in a bid to oust the entire board of the Internet company. Shares of Office Depot and Staples rose. CNBC reported that a judge rebuked the Federal Trade Commission's legal tactics in its bid to prevent the merger deal between the office supply companies. A slide in mining and energy shares pushed European stocks down for a fourth straight session.

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Stocks break weekly winning streak

Thursday, March 24, 2016 - 01:17