By Anora Mahmudova and Sara Sjolin, MarketWatch Baker Hughes,
Halliburton climb on tie-up news
NEW YORK (MarketWatch) -- U.S. stocks ended Friday's uneven
trading session fractionally higher, but still managed to post a
fourth-straight weekly gain.
The main benchmarks switched between small gains and losses
throughout the trading session, as investor reaction to upbeat
economic data, namely retail sales and consumer confidence, was
mostly muted.
Both retail sales and consumer sentiment data showed Americans
were benefiting from lower gas prices and are prepared to increase
their spending during the crucial, holiday-shopping season. That
promises to be a boon for the economy as retail sales account for
one-third of consumer spending, the main engine of U.S. economic
activity.
The S&P 500 (SPX) closed at a record high after ending a
fraction of a point higher at 2,039.82. The benchmark index gained
0.4% over the week.
The Dow industrials (DJI) slipped 18 points, or 0.1%, to close
at 17,634.74, but still gained 0.4% over the past five
sessions.
The Nasdaq Composite (RIXF) closed 8.4 points, or 0.2%, higher
at 4,688.54, as gains in the Internet stocks outweighed losses in
biotechs. The tech-heavy index gained 1.2% over the week.
Jeff Kravetz, regional investment manager for Phoenix-based U.S.
Bank Wealth Management, 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 1.9% after The Wall Street
Journal on Thursday reported that Halliburton Co. (HAL) is
interested in a tie-up. Halliburton shares also rose 2.4%.
Nordstrom Inc. (JWN) shares rose 1.3% after the retailer late
Thursday reported earnings and sales ahead of estimates.
Movado Group Inc. (MOV) slumped 32% is trading lower after the
watch maker issued an earnings warning.
Hertz Global Holdings(HTZ) shares slid 4.6% 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) futures rallied Friday amid
speculation that OPEC may cut its oil production, a move that would
help stabilize plunging prices. However, Friday's rally didn't
prevent oil from ringing up its seventh consecutive weekly
loss.
Gold prices rebounded and rose $27 to $1,188.9.
In Asia, markets closed mixed, while Europe closed mostly flat
after eurozone GDP numbers beat forecasts.
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