Closing Bell: Investors Shrug Off Economic News; Finance, Tech Stocks Gain

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Stocks posted solid gains Thursday as investors chose not worry about some so-so economic news.

The Dow Industrials added 21 points, but closed well off session highs. The S&P 500 gained six and the Nasdaq was up 23.

The nation's economy remains on a slow growth track. Revised GDP rose 2.4 percent in the first quarter, and initial jobless claims edged higher last week.

Investors at the NYSE
Getty Images
Investors also shook off another big sell-off in Japan: The Nikkei index tumbled five percent. Earlier this week it plunged seven percent.

The feeling on Wall Street is that economic numbers and trouble overseas will discourage the Fed from ending its bond-buying program any time soon. If that's the case, it will continue to provide enough fuel to keep the market going.

Financial, utility and technology stocks led today's advance. Many leading finance stocks are trading at or near their highest levels in more than a year. Goldman Sachs (GS) rose about $1.70, closing at a 52-week high. And utilities, which have fallen out of favor recently as bond yields rise, bounced back.
Nevada based NV Energy (NVE) jumped 22 percent after agreeing to be acquired by a unit of Warren Buffett's Berkshire Hathaway (BRK-A, BRK-B).

Clearwire (CLWR) soared 29 percent after Dish Network (DISH) raised its offer to acquire the company, which is the object of a bidding war. Sprint-Nextel (S) is also in the hunt. Both want Clearwater's 4G wireless spectrum.

There were some big tech and internet winners:
  • EMC (EMC) climbed five percent after the data storage company said it would begin paying a dividend this summer.
  • Facebook (FB) rose five percent on an analyst upgrade.
  • Priceline (PCLN) gained 15 points, or two percent. The online travel agency will issue $1 billion in debt, and buy back up to $1 billion in stock.
And First Solar (FSLR) remains red hot: It rose six percent as Goldman Sachs raised its rating and its price target. The solar panel manufacturer has soared nearly 80 percent this year.

–Produced by Drew Trachtenberg


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10 Comments

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DRW trading co.

i can tell you right now ol ben has no wisdom to offer except our money he spends it like it's his

June 09 2013 at 3:34 PM Report abuse rate up rate down Reply
DRW trading co.

so here we go again the government making the rich richer and the poor even more poor they need to shut off the money spigot to the rich they don't pay taxes they ship their jobs oversea with their money. when will the government learn helping the rich is just pouring our money down a bottomless pit. they do s nothing to earn it, there is word they don't know the meaning of stop wasting our money on these clown if they need more money i say get a JOB!!!

June 09 2013 at 3:20 PM Report abuse rate up rate down Reply
phasejump

This slow growth track might be the best of all worlds

May 31 2013 at 8:27 AM Report abuse +1 rate up rate down Reply
phasejump

Fed policies have been working that is clear

May 31 2013 at 8:27 AM Report abuse +1 rate up rate down Reply
Craig

"Investors shrug off economic news," the Fed just keeps printing money. It's like giving a crying kid candy to shut him up, after awhile the kids obese and having heart surgery. I don't think the market will collapse, but there will be a major correction, and many will lose big.

May 31 2013 at 8:17 AM Report abuse +1 rate up rate down Reply
begeology

The market is going to fall at a rapid rate soon. There will not be enough paper left to print soon to be worthless money.

May 31 2013 at 8:06 AM Report abuse rate up rate down Reply
Charles

As long as the Fed's print $$$ and we sink further in debt, the best place to put money is in the market.

May 31 2013 at 8:00 AM Report abuse +1 rate up rate down Reply
h.hughjardon

The big players don't much care as long as uncle ben/the fed keep buying our debt and printing.

May 30 2013 at 7:35 PM Report abuse rate up rate down Reply
1 reply to h.hughjardon's comment
eatbbqribssmb

When they say that the market ignored the economy and went up on the hope of free printed money, that tells us all we need to know I guess

May 31 2013 at 7:12 AM Report abuse +1 rate up rate down Reply
1 reply to eatbbqribssmb's comment
Charles

It is a proven fact that you cannot print your nation out of debt. We will soon face the music and and won't be sweet!! The dollar is already in jeoprdy as the world is looking for some other monetary exchange basis.

May 31 2013 at 8:40 AM Report abuse +2 rate up rate down