By Anora Mahmudova and Sara Sjolin, MarketWatch Baker Hughes,
Halliburton climb on tie-up news
NEW YORK (MarketWatch) -- U.S. stocks moved between small gains
and losses on Friday as investors assessed a number of positive
economic reports.
Retail sales increased by more than expected, while consumer
sentiment was at its highest level since mid-2007. Business
inventories climbed in September.
The Dow Jones Industrial Average, the S&P 500 Index and
Nasdaq were poised to record modest gains for the week.
The Dow industrials (DJI) were hovering near record levels after
logging their 25th record close on Thursday.
The S&P 500 (SPX) and Nasdaq Composite (RIXF) edged
higher.
Jeff Kravetz, regional investment manager for U.S. Bank Wealth
Management, based in Phoenix, said markets are reflecting the fact
there are lots of conflicting signals.
"On one hand, economic data lately have been friendly to
equities, as most reports are positive. On the other hand,
volatility in oil prices and geopolitical risks are weighing on
sentiment," Kravetz said.
Kravetz, however, thinks that U.S. equities are still attractive
for foreign investors as there are very few other alternatives.
Economic data:Sales at U.S. retailers rose in October, snapping
back from the first decline in eight months as gasoline prices
continued to plunge. The uptick in spending last month, especially
when gasoline is stripped out, suggests households could be
prepared to spend more during the holiday season than they have in
years.
The prices paid for imported goods fell in October, largely due
to plunging global oil prices, the Labor Department said Friday.
The drop was in line with forecasts.
The preliminary November reading on the University of
Michigan/Thomson Reuters consumer-sentiment index rose to the
highest level since July 2007.
Movers:Baker Hughes Inc.(BHI) jumped after The Wall Street
Journal on Thursday reported that Halliburton Co. (HAL) is
interested in a tie-up. Halliburton shares also rose.
Nordstrom Inc. (JWN) shares rose after the retailer late
Thursday reported earnings and sales ahead of estimates.
Hertz Global Holdings(HTZ) shares slid after the company said on
Friday that it has determined that, in addition to 2011 financial
statement, it also needs to restate 2012 and 2013 quarterly and
annual financial statements.
(Read more about the day's notable stocks in Movers &
Shakers column:
http://www.marketwatch.com/story/nordstrom-amat-halliburton-are-stocks-to-watch-2014-11-14.)
Other markets: Crude oil (CLZ4) hovered around a multiyear low,
while Brent rebounded from a four-year low.
Metals were mostly lower, pressured by a rise in the dollar,
which rose against the yen, to Yen116.68.
In Asia, markets closed mixed, while Europe struggled for
direction after eurozone GDP numbers beat forecasts.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires