Friday, February 13, 2015

Market Roundup: Stocks Rise For Second Week, Fed Meeting Looms

Major indexes scored their second week of gains Friday, rebounding from Thursday's slump.

The Dow Jones Industrial Average gained 75.42 points, or 0.5%, to 15,376.06 and is up 3% for the week, its best week since January 4.

The Nasdaq rose 6.22 points, or 0.2%, to 3,722.18, and is up 1.7% for the week.

The S&P 500 climbed 4.57 points, or 0.3% to 1,687.99, and is up 2% for the week.

Although retails sales and wholesale price data came out this morning, investors are of course mostly looking toward what the Federal Reserve will do at its meeting on Wednesday. Goldman Sachs expects a "dovish" taper, skimming $10 billion off the top of the $85 billion per month bond buying program. The Wall Street Journal's Jon Hilsenrath says that it's a close call (video).

In company specific news, Tesla (TSLA) reversed earlier losses to rise 0.4%; Elon Musk remarked Thursday evening about those “crazy” short sellers while J.C. Penney (JCP) ended down 0.7% after news that VNO CEO Steven Roth is leaving its board.

Chevron (CVX) gave up some earlier gains to end up 0.2%; the company reached a settlement with the Brazilian government regarding a $20 billion lawsuit stemming from a 2011 offshore oil spill.

In athletic apparel, lululemon (LULU) gained 4.7% and Under Armour (UA) lost 2.6% as Credit Suisse upgraded the former and downgraded the latter.

Disney (DIS) also ended strong, building on yesterday's gains on news it will meaningfully increase its share repurchase plan.

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