Stocks edge higher after consumer sentiment rises
Leading economic indicators are also up. Global markets climb as Germany's Merkel backs the euro and the ECB. Apple hits a new high. Gap beats estimates, while Aeropostale misses. Marvell's results disappoint, and Groupon drops on a downgrade.
Updated at 12:20 p.m. ET
Stocks continued to trade in a narrow range Friday as has often been the case recently during this quiet summer period. Markets lacked conviction even after reports that consumer confidence rose in August and leading economic indicators climbed in July. Meanwhile, Apple (AAPL) shares hit another high, as Marvell Technology (MRVL) plunged on earnings.
The Dow Jones Industrial Average ($INDU) was up 17 points at 13,267. The S&P 500 ($INX) was up 1 point at 1,417. The Nasdaq Composite ($COMPX) was up 8 points at 3,071.
U.S. markets closed higher Thursday after German Chancellor Angela Merkel's remarks supporting the euro and the European Central Bank. The Dow closed up 85 points, the S&P 500 was up 10 points, and the Nasdaq ended the day 31 points higher.
US economic data
The University of Michigan's Consumer Sentiment Index rose to a preliminary reading of 73.6 in August from a final reading of 72.3 in July. Economists had expected the August reading to come in at 72.2, according to Briefing.com.
The index of leading economic indicators ticked 0.4% higher in July after falling 0.3% in June, according to the Conference Board, indicating the slow growth in the U.S. economy is likely to continue. Economists had expected an increase of 0.2%, according to Briefing.com.
Merkel's -- and Germany's -- support for the ECB's actions to help indebted countries and their commitment and support of the euro had a global influence.
European stocks traded in positive territory and the euro posted gains after Merkel on Thursday backed the ECB's approach to defending the euro and helping reduce borrowing costs in indebted countries when talking to reporters in Ottawa. Merkel added, "On many of these issues we feel we're on the right track."
Asian shares were also higher, with the Japan's Nikkei ending at its highest level in over three months, buoyed by Merkel's comments as well as by a forecast by the Japanese government that the country's long deflationary conditions might end this year.
Gold on Friday extended gains from the previous session. On Thursday, gold rose the most in two weeks after Merkel's remarks. Meanwhile, oil prices fell after the U.S. said it was considering the release of oil reserves to dampen prices and concerns over an Israeli attack in Iran eased.
Stocks to watch
Gap (GPS) reported a 29% rise in quarterly profit that topped analysts' estimates, aided by domestic sales. The largest U.S. specialty-apparel retailer also raised its full-year earnings forecast.
Chipmaker Marvell Technology (MRVL) dropped after the company posted second-quarter earnings and said current-quarter results may miss expectations.
Brocade Communications Systems (BRCD), a maker of switches for data-storage networks that has been seeking to sell itself, said its chief executive officer will resign.
Food producer J.M. Smucker (SJM) reported fiscal-first-quarter profit of $1.17 per share, excluding certain items, 17 cents above estimates. Smucker also increased its quarterly dividend by 8%.
Athletic footwear retailer Foot Locker (FL) reported second-quarter profit of $0.38 per share, excluding certain items, 5 cents above estimates.
Teen retailer Aeropostale (ARO) reported a breakeven second quarter, matching Street estimates, while sales fell slightly short of expectations. The retailer also sees a soft start to the back-to-school season, and its third-quarter earnings forecast is below estimates.
Facebook (FB) closed down 6.3% Thursday after the end of a lockup period for its shares. It was the second-largest post-lockup decline among companies that have gone public since January 2011, Bloomberg reports.
Groupon's (GRPN) shares fell after Evercore Partners analysts downgraded shares of the daily-deals specialist to "underweight" and cut the target price on the stock to $3 a share from $6.50 a share.
Samsung rested its case in a patent-infringement trial with Apple (AAPL) after witnesses said the iPhone maker would owe the South Korean company as much as $421.8 million in royalties. Apple shares, meanwhile, reached a record close of $636.34 in regular trading Thursday. Reports about the company's next product releases pushed the stock to new highs Friday.
Alec Baldwin has been on many rants about big corporations, big banks, CEO pay and bonuses, etc. etc. Promising to move to Canada if Al Gore didn't win. But good ol' Alec, he has no problem being a paid HO for Capital One one of the largest corporations in America. His face is all over the TV pimping those high interest, predatory lenders. Money talks huh, Alec?
So, here's to you Emperor of the compounding Interest .....you are the real genius libtard hypocrite of the day. And your acting sucks too.
Yea free monies -- ECB going to open up the printing presses the downward Death Spiral of Lost Jobs and an ever weaker and weaker economy is now going to accelerate both here and in Europe
Expect total economic collaspe by end of 2013
Merkel's -- and Germany's -- support of the ECB's actions to help indebted countries and their commitment and support of the euro had a global influence.
and with that I will re-post something from yesterday
Why I hate republicans & democrats about equally:
They can't even agree on reality, or in the case of the nations debt on basic math. You can not solve the problem without cutting entitlment spending, period. Guess what you can't solve it without cutting military spending too. Oh and you can't solve it without raising taxes either, that is a combo of a bunch of taxes including income taxes and the Bush tax cuts, period. Math doesn't lie, just the ****s who use fake numbers. If we can't agree on this much then we will fail.
I am an independent voter, that means I don't know the answer before I've heard the question....
Re-Tog had a good point:
Quit reading and ranting about Politics and learn something about Investing and the Markets.
Now to integrate them:
This would be a great time to look into your positions on General Dynamics & Lockheed-Martin (a great Florida company). Israel isn't playing around when they talk about going into Iran- but only for 30 day's-probally longer though. The last thing anyone in the world would want is Iran developing nuclear weapons. ( I still think their leader was one on the kidnappers back during the Iranian hostage situation). Yea -war is bad & no one wins; but those islamic terrorist just want to see the whole world burn and must be contained UNTIL they're ready to join the rest of civilized society.
Tumble; you reaffirm most conservatives viewpoint of a liberal. While scholastically many of you are bright, your ability to perform deductive reasoning and critical thinking is frighteningly void.
For the song of the day: I nominate; (no fluffy 70's crap-I promise)
Dazed and confused-Led Zepplin
Just look at the chart today.
81 more day's until we elect Romney for President ! E I G H T Y O N E more day's !
And one of you pointed out that it's only 157 more day's until he takes the oath of office.
let's see- Got a month long vacation to the islands planned that last 40 day's (doesn't everyones month long vacations last 40 days? if congress can, so can I)
And a few lobster trips to the keys; that brings it down to about 20 days to deal with.
Maybe throw in a couple of 'poker runs' on the bike for some charitable work; that'll bring it down to about 15 days.
That sounds good to me!!!
Pierce was our 14th President and served from 1853-1857. John Fremont defeated Pierce in his bid for renomination, making Pierce the only elected President (rather than a Vice President who succeeded to the position) to not gain his party's nomination for a second term.
May 26, 2001-10:11 am Paul Ryan voted yes for Bush tax cuts 1.8 trillion and counting---unfunded
Oct 10, 2002- 3:05 pm voted yes to invade Iraq 1.3 trillon and counting---unfunded
May 23, 2003 1:56 am voted yes on Bush's 2nd tax cuts 4.4 trillion and counting---unfunded
June 27, 2003 voted yes for the perscription drug bill 730 billion and counting---unfunded
This is why the deficits are huge but Paul Ryan has no manhood to fess up to how he voted and the results of them. They blame Obama but this is facts and the bills that are continuing to run up for the lame duck and he hides with no morals to face the facts, but instead is a coward and blames Obama for his own voting record for running up the deficit !!!!!!!!
Ron Paul is the man....
50-60 comments and about 25% are spam/dating...
Another 25% are repeats from a couple days ago....If you type it enough, will you believe it ?
Another 25% are rehashes from the last year....Got anything solve yet, or are you just morons?
Maybe 15% are something new, maybe even refreshing ???
That leaves about 10%, THAT MIGHT BE about investing or the markets.
And only about half of that or 5%, do not have politics intertwined into them...
Say what you want and convince yourselves, but the politics that you blabber repeatly about have little bearing on a sensible persons investing...But just keep blabbering...
Yes, I think I will go to a Casino soon, we don't argue politics at the Tables.
My lunch hour is over so back to work. May both democrat and Republican have a great weekend and may the markets close up.
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