This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stocks Close Higher as Consumer Sentiment, Fed Boost Confidence

Stocks in this article: DJI^GSPC^IXICPIRJOSBMW

NEW YORK (TheStreet) -- Stocks closed higher Friday amid a stronger reading for consumer confidence, buoyed by assurances Thursday that the Federal Reserve will continue to support markets.

The Dow Jones Industrial Average increased 0.3% to 16,321.90, while the S&P 500 was 0.28% higher at 1,859.45. The Nasdaq slid 0.25% to 4,308.12. The Dow, S&P and Nasdaq this week gained 1.4%, 1.3% and  1.1%, respectively. 

  • The U.S. fourth-quarter GDP estimate came in broadly as expected at 2.4%, down from the advance estimate of 3.2%. The weaker data reflected a deceleration in private inventory investment, a larger decrease in federal government spending and downturns in residential fixed investment and state and local government spending.
  • The Reuters/Michigan Consumer Sentiment Index rose to 81.6 in February from 81.2 in the prior month, beating expectations for a result of 81.3. The Chicago PMI gained momentum in February, rising to 59.8 from 59.6 in January. Gains in employment offset falls in new orders, production and order backlogs.
  • January pending homes sales disappointed, edging up 0.1% to 95.0 against expectations for a 2% gain. Poor weather was a factor, according to the National Association of Realtors.
  • International markets were mixed, with the FTSE 100 in London closing down 0.01%, Germany's DAX gaining 1.08%, the Hong Kong Hang Seng settling up just 0.04%, and the Nikkei 225 sliding 0.55%.
  • Headlines overseas focused on Federal Reserve Chairwoman Janet Yellen's testimony, elevated Russia-Ukraine tensions and the declines in the Chinese yuan currency that many believe is attributable to moves by China's central bank. Also out overnight was low February eurozone inflation data, as joblessness stayed at high levels, ahead of the European Central Bank's policy meeting next week.
  • U.S. markets closed at a record high Thursday as Yellen testified before the Senate Banking Committee in Washington, acknowledging that economic data had been softer since her last appearance. She said low inflation gave the central bank room to pursue a higher employment target -- assuring the market that monetary policy would remain supportive.
  • Monster Beverages (MNST) was a top gainer in the S&P, up 4% after sales beat estimates. Other top gainers included Best Buy (BBY) and Target (TGT) up 4.2% and 3.1% respectively. Jos. A. Bank Clothiers (JOSB) climbed 3% after turning down Men's Wearhouse's (MW) $63.50 a share offer but indicating that it wouldn't rule out a deal on sweetened buyout terms.
  • On the flipside, military contractor KBR (KBR) tumbled 13.5% after forecasting earnings per share of $1.75 to $2.10 in 2014, less than Wall Street estimates. It posted fourth-quarter revenue of $1.7 billion, missing the $1.93 billion average analyst projection. Pier 1 Imports (PIR) slumped 6% after announcing that the company continues to experience significant disruption from adverse weather in many of its major markets, resulting in considerably softer store traffic and forcing it to lower its fourth-quarter guidance.

-- By Jane Searle, Andrea Tse and Joe Deaux in New York

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,712.76 +34.86 0.21%
S&P 500 1,952.48 +1.66 0.09%
NASDAQ 4,461.1930 +8.4010 0.19%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs