U. S. stocks closed mostly mixed on Friday and up for the week, but bonds grabbed the spotlight. [Read more…]
Although they gave up some of their early price gains as Fed Chairman Janet Yellen testified to the House Financial Services Committee on Wednesday, stocks rallied in the afternoon and closed with decent gains. The Dow was up 0.5% today to a new high, and the S&P 500 was close behind with a 0.4% rise to within 0.2% of its July 3 record high. Time Warner shares rose 17% after 21st Century Fox confirmed that it made a buyout offer in June; FOX shares fell almost 5% for the day. Time Warner said it had rejected Fox’s $80 billion offer.
Stock prices were flat to up modestly Monday, as uncertainty about fighting in Iraq and tomorrow’s start of the two-day Fed policy meeting kept buyers on the sideline, so to speak. The Dow was barely changed on the day, while the S&P 500 (+0.1%) and NASDAQ (+0.2%) ended Monday’s see-saw session a few ticks to the upside. Advancing issues outnumbered decliners by a small margin on the NYSE and NASDAQ, with seven of ten S&P 500 market sectors posting gains for the day, led by utilities (+0.7%), energy (+0.5%), and consumer discretionary (+0.3%). VIX, the implied volatility in S&P 500 futures contracts, ended the day at 12.65, close to a one-month high – but at what still has to be considered a low level by historical standards.