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Stocks up for the week despite mixed earnings

Friday, October 21, 2016 - 01:15

U.S. equities tacked on gains for the week despite mixed earnings news, a sour outlook from GE and cyber attacks. Jeanne Yurman reports.

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BROADCAST AND DIGITAL RESTRICTIONS~None** Broadcasters: Digital: None**~ Mixed trading in Friday's session with energy and healthcare stocks weighing on the S&P and Dow. But a record setting rally in Microsoft kept the Nasdaq in the green. For the week there were modest gains across the board. Nick Colas is Chief Market Strategist, Convergex (SOUNDBITE) (English) CONVERGEX CHIEF MARKET STRATEGIST, NICK COLAS, SAYING: "We're right in the middle of earnings season. This is the heart of when that positive comp has to make itself plain and visible, and we're getting there, but I think next week is going to important to really solidify that would give people comfort that earnings growth can continue into Q4 and into 2017." General Electric's third quarter profit beat, but its shares took a dive after it issued lower guidance for the year citing in part a sluggish global economy. Shares of McDonald's, however, were on the rise. Its latest quarter shows turnaround efforts are gaining ground. AT&T is in advanced talks to acquire Time Warner according to sources. A deal could be confirmed on Monday. Major websites like Twitter and Spotify were hit with at least two waves of cyber attacks Friday resulting in a denial of service for mostly users on the East Coast. In Europe stocks closed out fairly flat on the day but higher for the week.

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Stocks up for the week despite mixed earnings

Friday, October 21, 2016 - 01:15