This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hey, Economy Doomsdayers, U.S. Stocks Just Closed Above 1,900

Stocks in this article: GME HPQ FL ^GSPC ^IXIC ^DJI ARUN ARO

NEW YORK (TheStreet) -- U.S. stocks gained Friday, with the S&P 500 closing above 1,900 for the first time ever after stronger-than-expected new home sales in April provided further evidence of a housing recovery.

  • The Dow Jones Industrial Average rose 0.38% to 16,606.27. The S&P 500 closed 0.42% higher at 1,900.53, breaking its record close of 1,897.45 on May 13. The Nasdaq gained 0.76% to 4,185.81.
  • The Dow, S&P and Nasdaq for the trading week climbed 0.7%, 1.21% and 2.33%, respectively.
  • U.S. new home sales for April beat estimates, rising 6.4% from March to 433,000. They were 4.2% lower than a year earlier, with the median price of new houses sold in April at $275,800.
  • Russian President Vladimir Putin has said he will respect the outcome of Ukraine presidential elections this weekend and work with whomever is elected.
  • Bank of Japan Governor Haruhiko Kuroda has voiced concern that any strengthening in the yen - which he sees little reason for - could hamper the Japanese economy and the central bank's fight against deflation. He has not ruled out further easing or stimulus if the economic recovery falters.
  • Foot Locker (FL) was 1.5% higher as its first-quarter earnings per share of $1.11 beat estimates by a nickel. Same-store sales jumped more than anticipated during the quarter.
  • GameStop (GME) popped 4.4% after reporting first-quarter earnings that topped estimates by 2 cents at 59 cents a share and guiding for a 12% to 19% increase in current-quarter comparable- store sales.
  • Hewlett-Packard (HPQ) shares surged 6.1%, making it the top gainer in the S&P 500, after the Silicon Valley tech giant said it would cut an additional 11,000 to 16,000 jobs and posted fiscal second-quarter revenue below expectations.
  • Aruba Networks (ARUN) dropped 10.7% after its third-quarter margin fell short of expectations.
  • Aeropostale (ARO) slumped 24% after forecasting a bigger loss than analysts had estimated.
  • The Hong Kong Hang Seng settled up 0.05% while the Nikkei 225 in Japan rose 0.87%.The FTSE 100 was down 0.07% and the DAX in Germany was up 0.48%. Data overnight showed a bigger-than-expected fall in German business confidence in May.
  • U.S. markets closed higher Thursday as key discretionary retailers beat earnings expectations on the heels of better manufacturing data and a rise in U.S. existing home sales. Societe Generale strategists have noted that since 1969 the S&P 500 has dropped by 1% or more 27 days a year on average; in the past 12 months, there have been only 19 such days. This docility has increased investors' appetite for both stocks and bonds, which helps explain why the stock market hovers near record highs and yields on Treasuries near historic lows, they explained.

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


Why HP Needs to Cut More Jobs

Why you Should Buy Apple Now

Select the service that is right for you!

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • 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