Chipotle, Google Lead Stocks Higher During Boston Manhunt
NEW YORK (TheStreet) -- U.S. stocks advanced Friday buoyed by solid first-quarter results from Google (GOOG) and Chipotle Mexican Grill (CMG) as investors watched for developments in the hunt for a second suspect in the Boston Marathon bombings.
Google shares gained 4.4% to $799.87 after the Internet search leader beat Wall Street earnings expectations for the first quarter.
The S&P closed up 0.88% to 1,555.25. The index slid 2.11% over the past five trading sessions. TheNasdaq jumped 1.25% to 3,206.06. The tech-heavy index fell 2.7% for the week. The Dow Jones Industrial Average finished higher by 0.07% to 14,547.51. The blue-chip index dropped 2.14% this week.
Police continued to search Boston and adjacent towns for one of two men allegedly behind the bombing Monday at the site of the city's annual marathon that left three people dead and scores maimed. The focus was on the city of Watertown where all vehicular traffic has been banned, and in Cambridge, where the suspects, a pair of brothers were said to have lived and attended school, the Boston Herald reported.Microsoft (MSFT) jumped 3.4% to $29.77 after the software giant booked a double-digit jump in fiscal third-quarter earnings following a surge in sales at its Windows division and said Chief Financial Officer Peter Klein will be leaving Microsoft at the end of the current fiscal year. Chipotle was the top gainer on the S&P 500, surging 11.5% to close at $366.25 a share after the restaurant chain said its first quarter profit grew despite higher food prices. Capital One Financial (COF) was the second-biggest gainer, adding 6.4% to finish at $56.17 after the credit card lender posted stronger-than-forecast first-quarter profit as its net interest income improved by 34% to $4.57 billion. IBM (IBM) was the biggest percentage loser Friday on the S&P and weighed down the Dow after the company missed Wall Street's top- and bottom-line first quarter estimates hurt by a weaker Japanese yen. Shares of the company plummeted 8.3% to $190. Kimberly-Clark Corp. (KMB) gained 4.7% to $106.10 after the consumer staples company hiked its 2013 earnings guidance as Kleenex facial tissue volumes improved at a low double-digit rate in the first quarter, reflecting a strong cold and flu season and market share gains. According to Thomson Reuters, the blended estimate for the first quarter, which reflects reported results and analyst expectations, is for year-over-year growth of 2.1% from the S&P 500, down from 6.3% in the fourth quarter. So far, 18% of S&P 500 companies have reported. General Electric (GE) and McDonald's' (MCD) missed expectations, underscoring the sluggish U.S. economic recovery. McDonald's slipped 2% to $99.92 after the hamburger chain warned its April global comparable sales may be negative amid a "challenging global environment. The company reported first-quarter earnings that missed estimates by a penny as revenues of $6.605 billion met expectations. General Electric slumped 4.1% to $21.75 after the industrial conglomerate booked in-line first-quarter adjusted earnings of 35 cents a share on better-than-expected revenue of $35 billion on the sale of NBCUniversal. Analysts had forecast sales of 34.51 billion, according to a survey by Thomson Reuters. June crude oil futures rose 27 cents to $88.27 a barrel on the New York Mercantile Exchange, while June gold futures added $3.10 to settle at $1,395.60. The dollar was up 0.23% to $82.74 according to the U.S. dollar index. The benchmark 10-year Treasury was falling 5/32, boosting the yield to 1.706%. Follow @atwtse Written by Andrea Tse and Joe Deaux in New York >To contact the writer of this article, click here: Andrea Tse.
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