Seeking Alpha

Stocks end week with best gains of the year

  • Stocks shrugged off mixed economic data to finish broadly higher, wrapping up the S&P's best week of the year and pushing the Nasdaq to its highest level since July 2000.
  • Stocks got off to a weak start following data showing a surprise drop in industrial production for January, but the market turned higher after the preliminary consumer sentiment number for February beat forecasts.
  • Recent U.S. economic numbers - particularly labor market and retail sales data - haven't looked good, but investors have been willing to chalk results up to bad weather; recent strength in emerging markets, which were a source of worry last month, also has provided a dose of optimism.
  • Most key S&P sectors closed in positive territory, led by energy and consumer staples.
  • Gold futures gained 1.4% to settle at $1,318.60 for an eighth straight gain to finish week up 4.4%; the 10-year Treasury yield edged higher to ~2.74%.
Comments (1)
  • Sirvasq
    , contributor
    Comments (335) | Send Message
     
    He stocks are dea now that banks can get control. Buy the banks.
    14 Feb 2014, 04:37 PM Reply Like
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