Seeking Alpha

Stocks cap strong week on upbeat note, led by techs

  • Stocks pared gains over the final hour of trading but the Dow and S&P still scored new record highs, and the Nasdaq surged 1.1% as BlackBerry and Red Hat each rallied ~15%.
  • The U.S. economy expanded at a 4.1% annual rate in Q3 due to stronger consumer spending and business investment than previously reported, and investors greeted the upward revision from the earlier 3.6% gain as a welcome backdrop for future earnings growth.
  • Market participants say slow-but-steady improvement in the U.S. economy, flows of investor cash into stock-focused mutual funds and a lack of compelling opportunities elsewhere are making investors reluctant to sell stocks.
  • In other markets, crude oil futures rose 0.3% to $99.32, gold gained 0.8% to $1,205.10, the 10-year Treasury yield fell 4 bps to 2.89%, and the dollar fell.
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