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Wall St rises, Dow racks up 7th straight weekly gain

Saturday, December 24, 2016 - 01:23

Wall Street ended the week on a positive note on Friday as investors doubled down on a rally fueled by optimism that President-elect Donald Trump's policies will boost economic growth. Bobbi Rebell reports.

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U.S. financial markets eeking out a late day move to the upside after a quiet pre-holiday session. For the week, the major indices posted gains, with the Dow notching its seventh winning week. The Dow is up about 14 percent for the year and the S&P 500 is 11 percent higher on bets that the economy will benefit from President-elect Donald Trump's plans for deregulation and infrastructure spending. Ken Kamen of Mercadien Asset Management: SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT (ENGLISH) SAYING: "I think the market is getting a little bit ahead of itself here. The market is kind of pricing in that all of the things that have been anticipated in what we will call the Trumponomics are going to happen. And they may or may not but they are not going to happen quickly. " New Home Sales up 5.2 percent last month, with the supply of houses on the market the highest since 2009. Consumer Sentiment on the rise in December to the highest reading since January of 2004. Weight Watchers surging for a second day after television celebrity and major shareholder Oprah Winfrey said in a new ad for the company that she lost forty pounds. Synergy Pharmaceuticals jumped after the drug developer said data showed its irritable bowel syndrome treatment met the main goal. European shares held steady on Friday with little change in the major country indices.

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Wall St rises, Dow racks up 7th straight weekly gain

Saturday, December 24, 2016 - 01:23