Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

U.S. stocks rose despite weaker than expected economic data and Nasdaq three-hour trading halt on Thursday due to a computer error. Investors are speculating on when Fed would begin reducing bond purchases as economy gains momentum.

The Standard & Poor’s 500 Index added 0.39% to 1,663.50 on Friday at 4 p.m. in New York. The index is up 17% this year, the largest advance over a comparable period since 1997, and climbed to an all-time high of 1,709.67 on Aug. 2.The Dow Jones Industrial Average rose 46.77 points, or 0.31%, to 15,010.50. The benchmark index broke a six-day losing streak, which was its longest slump in 13 months. The Nasdaq Composite Index rose 0.52% to 3,657.79 after trading resumed following a computer error.

“Markets have been running away,” Robert Royle, who helps oversee $21 billion as manager of the North American Trust at Smith & Williamson Investment Management LLP in London, said by telephone for Bloomberg on Aug. 20. “Everyone is hoping for a second-half recovery in fundamentals,” he said. “I am just not sure what will drive the recovery.”

Bears say the failure of earnings to keep up with prices signals the bull market is in its last stages, as companies from various industries forecast slower profit growth and the Federal Reserve prepares to reduce stimulus. Optimists point to expanding multiples as proof individual investors are growing confident enough in the economy to return to stocks. History shows the final phases of rallies have provided some of the biggest gains.

In corporate news, Microsoft’s stock jumped 7.3% on Friday, its best daily percentage gain since April 2009, after Ballmer announced that he will step down within the next 12 months once his successor has been identified.

Aeropostale Inc. swung to a fiscal second-quarter loss as the company became the latest youth-focused apparel retailer to record a sharp drop in same-store sales. Shares fell below $9 for the first time since late 2008 as the company issued current-quarter guidance well below consensus views.

Travelocity is pairing up with longtime rival Expedia Inc. to power the core of its business: finding hotels and airfares. The two companies said Thursday that they are entering a long-term agreement under which Expedia will handle most of Travelocitys operations, including running searches, answering customers questions and processing bookings. In turn, Travelocity will largely become a brand aimed at attracting customers to its website rather than a true travel agency.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Natural gas futures weekly recap, February 16 – February 20Natural gas futures weekly recap, February 16 – February 20 Natural gas capped a second weekly advance as cold weather across the eastern, northern and parts of the central US spurred very high heating demand, paving the way for at least two heavy inventory withdrawals that would push stockpiles back […]
  • Gold trading outlook: prices drop as Fed seen hawkishGold trading outlook: prices drop as Fed seen hawkish Gold prices reached a two-month low during early trade in Europe today, as investors priced in remarks of an earlier rate hike in Feds July minutes, boosting the US dollar. Ongoing conflicts in Ukraine and the Middle East prompted some safe […]
  • Natural gas trading outlook: futures swing amid active weatherNatural gas trading outlook: futures swing amid active weather Natural gas swung between gains and losses on Tuesday as forecasts calling for cooler-than-usual weather over the central and eastern US lent some support, but the lack of near-freeze temperatures kept gains in check.Natural gas futures […]
  • Amazon.com Inc.’s share price up, posts thin profit amid expansion pushAmazon.com Inc.’s share price up, posts thin profit amid expansion push Despite announcing a revenue growth that has been better than initially expected, Amazon.com Inc. once again posted sparse profit due to the large expenses it had in cloud computing and shipping. The company also dispelled concern about the […]
  • Forex Market: EUR/CAD daily forecastForex Market: EUR/CAD daily forecast During yesterday’s trading session EUR/CAD traded within the range of 1.4833-1.4953 and closed at 1.4921.At 6:05 GMT today EUR/CAD was losing 0.03% for the day to trade at 1.4917. The pair touched a daily low at 1.4904 at 5:30 […]
  • Spotify shares surge after deal with Warner Bros. and DCSpotify shares surge after deal with Warner Bros. and DC Shares in Spotify Technology gained 12.7% in Thursday trading. The reason for the jump is the news for exclusive Warner Bros. and DC podcasts launching on the streaming platform. For a certain period, Spotify will be the only streaming […]