The Market in Review by Angie Hembury
The Major Indices began the week with a bang as investors cheered merger & acquisition activity and a better-than-expected German Business Climate report. The Dow ended the day 0.6% higher, the S&P 500 also closed 0.6% in the black, just shy of its January 15th record close and the Nasdaq ended 0.7% higher, a 13-and-a-half-year high.
The upside momentum was short-lived, however, and stock prices fell Tuesday in a rollercoaster session after the impact of a surprise dip in Consumer Confidence outweighed upbeat earnings from Home Depot. The Dow dipped 27.48 points, the S&P 500 lost 2.49 points and the Nasdaq dropped 5.38 points.
Surging New Home Sales and better-than-expected results from retailers Target, JC Penney and Lowe's Corp did little to inspire buying mid-week and the Major Indexes ended the trading session flat. Both the Dow and Nasdaq picked up just 0.1%, while the S&P 500 didn't fare as well, ending the day essentially unchanged.
After waffling slightly in Thursday morning trade, stocks fought back to end higher following Fed Chair Janet Yellen's testimony on Capitol Hill in which she acknowledged that while the recent economic data has been lackluster, the taper would continue. The Dow ended the session 74.24 points, or 0.5%, higher, the S&P 500 closed at a fresh record high, up 9.13 points, or 0.5%, and the Nasdaq picked up 26.87 points, or 0.6%.
Stock prices shot higher out of the gate Friday, but gains were pared in afternoon trade as rumors circulated about the possibility of Russian action in the Ukraine. Both the Dow and S&P managed to close out the day with a gain of 0.3%, while the Nasdaq dipped by 0.3%
All three of the Major Indices racked up a decent gain for the week, with the Dow picking up 1.4%, the S&P 500 finishing 1.3% higher and at a new closing high, and the Nasdaq gaining 1%. And that's The Market In Review.