Close Update: Stocks Hit New Highs, But Gains Capped By Unfriendly Economic Data
The S&P 500 stalled at a new record high Friday but held on to a modest gain as risk-averse investors swapped government bonds for equities in the aftermath of a potential cease-fire deal in Ukraine and the possibility for a weekend deal between EU officials and Greece, along with better-than-expected German GDP. The risk-on trade drove the yield on the 10-year note back over 2.00%, and the S&P 500 up by 0.40%. The Nasdaq Composite scaled a 15-year high, while the Dow Jones Composite Index made a new high for the year, led by gains in tech and consumer stocks.
Aided by today's positive action, stocks ended higher for the second straight week. The S&P 500 gained 1.9%, the Dow was up 1.0%, and the Nasdaq rose 3.0% above last week's close.
Although the equity markets received good news from overseas, domestic economic data kept a lid on today's positive trade, especially the 3-month low in consumer sentiment, and the largest decline in import prices in more than 6-years, both of which missed analyst expectations.
A few big names reported fourth quarter earnings including mixed results from American International Group ( AIG ) and Coca-Cola Enterprises ( CCE ), a miss from Avon ( AVP ), while SkyWest ( SKYW ) reported a huge beat on earnings, driving shares of the company to a new 52-week high.
Here's where the markets stood at the close:
Dow Jones Industrial Index was up 46.97 (+0.26%) to 18,019.35
S&P 500 was up 8.51 (+0.41%) to 2,096.99
Nasdaq Composite Index was up 36.22 (+0.75%) to 4,893.84
FTSE 100 was up 0.67%
Nikkei 225 was down 0.37%
Hang Seng Index was up 1.07%
Shanghai China Composite Index was up 0.96%
(+) WWE Reported better-than-expected Q4 earnings and revenue
(+) COLM Q4 sales and revenue both beat consensus estimates
(+) SKYW Revenue topped analyst estimates
(+) CYBR Posted better-than-expected financial results for Q4 and provided guidance for Q1 and fiscal 2015 above Street consensus.
(+) CYTK Reported better-than-expected Q4 earnings and guided full-year 2014 revenues in line to above consensus
(-) ZNGA Met Q4 EPS estimates, beats on revenue but issued Q1 guidance below street estimates
(-) KN Reported a Q4 miss and disappointing guidance
(-) MX Restated financial results going back to 2011 lower
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