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Stocks end week on high note

Saturday, May 21, 2016 - 01:16

Wall St. rallied on Friday, led by tech stocks to end a volatile week on a positive note after several weeks of losses. Bobbi Rebell reports.

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Financial and tech stocks powered Wall Street higher. Applied Materials' upbeat forecast propelled the Nasdaq. And Fed officials comments suggesting an interest rate hike as early as June pushed up bank stocks. Ken Kamen of Mercadien Asset Management: SOUNDBITE: KENNETH KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "I think people are starting to let it sink in that the Fed most likely will not raise interest rates in June ahead of the Brexit vote." For the week, the S&P 500 and Nasdaq rose, but the Dow fell. Yahoo could get bids for its core Internet business in the $2 to $3 billion range, according to the Wall Street Journal. That would be a far cry from the $4 to $8 billion that was expected last month. Shares dropped. Falling quarterly sales at Campbell Soup pushed shares down to their lowest level in more than two years. The company blamed a weak soup season and carrot supply that got disrupted by the weather. Ross Stores' quarterly profit and sales rose, but the off-price retailer's comparable sales disappointed Wall Street, especially when compared to rival TJX's strong performance. At least five brokerages cut their price targets. Shares dropped. Sales of existing homes in the U.S. rose solidly in April. Shares of homebuilders rose. In Europe, bank and mining stocks led shares solidly higher.

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Stocks end week on high note

Saturday, May 21, 2016 - 01:16