U.S. stocks take a slight breather after two days of soaring
Friday, December 19, 2014 - 01:38
Stocks modestly extend gains post a massive two-day rally. Leah Duncan reports.
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Stocks modestly extended their gains following the huge two-day rally. Oil prices, which sent stocks south last week, recovered. The S&P 500 saw its best weekly performace in about two months.
For the week, the Dow rose 3 percent Nasdaq 2.4 percent and the S&P climbed 3.4 percent.
Wells Fargo Advantage Funds' chief equity strategist John Manley:
(SOUNDBITE) JOHN MANLEY, CHIEF EQUITY STRATEGIST AT WELLS FARGO ADVANTAGE FUNDS (ENGLISH) SAYING:
"I think it is a Santa Claus rally in the sense I think it's real. Someone asked me if I should trust it, and I said yes. It has the full faith and credit of the Federal Reserve behind it. And the Fed is going to remain accommodative for awhile."
Google wants to embed itself in your car. Reuters has learned the next version of its Android operating system for cars will be built right in to cars so you won't have to plug in your phone. A source says that means Google can collect more data on you.
BlackBerry narrowed its quarterly loss. But the stock of the struggling smartphone maker fell because revenue dropped much more than expected on weak sales of hardware.
Easier to get credit fueled sales of used cars at CarMax. The auto retailer was able to sell more vehicles at higher prices.
Two shoe companies were caught flat-footed. Nike's profit soared, but future orders rose at their slowest pace in a year.
Finish Line broke the quarterly tape with a shocking loss. The athletic shoe retailer had been forecasting a profit, its now warning that full-year profits would be flat.
Over in Europe, a drop in healthcare stocks halted the late advance.
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