On Thursday stocks fluctuated, a day after the Federal Reserve's hawkish signals on interest rates.
Shares of Twenty-First Century Fox (FOXA) gained after Comcast (CMCSA) announced a bid to buy several major Fox units for $65 billion, higher than Disney's (DIS) deal for $52.4 billion. Both Comcast and Disney shares were higher.
Bank stocks fell after the European Central Bank said it would wait to raise rates until next year.
Amazon's Prime membership may have peaked, TheStreet reported.
May's retail sales were up 0.8%, higher than consensus estimates. Weekly jobless claims fell 4,000 to 218,000.
Jim Cramer: I Want to Bank On the Banks
"You have a real hard time rallying without the fins. It's always like that with this market. You need more than tech to get a real broad-based advance and we have failed to get that," says TheStreet's Jim Cramer.
"Look," Cramer adds, "we can just agree that there are two markets, the Nasdaq and the S&P, and accept it as that."
Hey Stock Pickers, the Fed Just Made Your Job a Whole Lot Tougher
Real Money columnist Stephen Guilfoyle notes that, "The Fed's Official Statement on monetary policy was as promised, somewhat simplified. Oh, and hawkish, too. No way to take it otherwise. Besides the obvious, which was the rate hike itself, some key parts of that statement have either evolved or been omitted completely."
Guilfoyle observes: "Immediately, fellow policy nerds will notice that in the Fed's view economic activity was upgraded from May into June, as the descriptive word "solid" replaced the word "moderate." In describing trends in household spending, the Fed went even further. That item has now "picked up." Six weeks ago, household spending had "moderated."
"There's one big deletion toward the end of the statement. The expectation that the fed funds rate remains below levels that are expected to prevail in the longer run? Gonzo. Like it was never there. What does this mean for you, the stock picker?," says Gulfoyle, "Your job just got that much tougher. But wait. There's more."
Fox or No Fox, The Force Is With Disney
"After a long stretch of under-performance, Disney's chart is turning bullish," writes Real Money Pro columnist Ed Ponsi.
"Here's my take," says Ponsi, "Comcast's all-cash bid (for Twenty-First Century Fox) is attractive. If Disney wants to continue bidding, I'd expect an improvement of 10% over Comcast's bid, or a bid of $71.5 billion. That would be about 36% higher than Disney's initial bid. Soon we'll learn if Disney is up to the task, but according to the chart, the stock is about to move higher, with or without Fox."
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