Nasdaq, S&P 500 end week at closing highs

Credit: Reuters Studio
Published on April 26, 2019 - Duration: 01:46s

Nasdaq, S&P 500 end week at closing highs

The Nasdaq and S&P 500 rallied at the end of Friday trade and set new lifetime closing highs as investors digested stronger-than-expected economic data.

Conway G.

Gittens reports.

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Nasdaq, S&P 500 end week at closing highs

Recession fears were further pushed aside following a first quarter pick up in U.S. economic activity.

Gross Domestic Product, or GDP, accelerated to a 3.2 percent annual rate in the first three months of the year.

That was enough to send the Nasdaq and the S&P 500 to another record closing high.

Ken Kamen of Mercadien Asset Management: SOUNDBITE: MERCADIEN ASSET MANAGEMENT PRESIDENT KEN KAMAN (ENGLISH) SAYING: "I think where we're really at is psychologically people saying: 'alright, we got back all that money that we lost in the fourth quarter last year.

We didn't expect to get it back that quickly, let's take a deep breath here and decide whether we want to reallocate.

I would say that if someone is overextended in equities now, because their equities popped up and is now a much broader part of their portfolio, they might want to rebalance." Ford had a banner day.

Shares of the automaker had their biggest surge in a decade.

Why?

Earnings show the company's turnaround efforts are working.

But Intel had a hangover from its quarterly results.

The stock plunged 9 percent - its biggest one day fall in three years.

The company cut its full-year outlook blaming weakness in China.

American Airlines also slashed its forecast for the year.

$350 million.

That's the estimated financial hit the airline has suffered so far from canceled flights due to grounding of Boeing 737 MAX jets.

It expects those planes to be back up in the air before the summer ends.

Wrapping up earnings news: oil giant Exxon Mobil posted a 49 percent drop in quarterly profit... sending it's stock lower.... and Chevron's numbers were not as bad as feared, but worries the company is going to have to up its $50 billion price tag to buy Anadarko weighed on the stock.

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