U.S. stocks rise; S&P 500 hits 1,900 – Market Snapshot – MarketWatch
2. Best Buy had a strong day Thursday after better than expected earnings. EBay remains in the spotlight amid criticism that it was slow to inform customers about a hacking incident. CBS ( CBS , Fortune 500 ) was declining by roughly 2%. Hewlett-Packard ( HPQ , Fortune 500 ) also fell in extended trading after it announced plans to cut 11,000 to 16,000 jobs on top of the previously announced 34,000 job cuts.
The Stocks Hedge Funds Are Dropping – Business Insider
The Commerce Department reported that sales of U.S. new homes rose 6.4 percent in April after slumping in the previous two months. “While it wasn’t a stellar number, it was not weak and it helps assuage fears” that the housing recovery is weakening, said Quincy Krosby, a market strategist with Prudential Financial. “It really did help set the tone of the market.” On Friday, investors favored stocks that stand to fare better than others in a strengthening economy.
3 Growth Stocks to Sell Now
This year has been miserable for hedge funds, especially those with long/short equity strategies. According to research firm Preqin, funds of that type were down an average of 0.24% in April. So that means changes must be made. In its latest Hedge Fund Trend Monitor report, Goldman Sachs has a handy table of stocks hedge funds are dropping to improve their performance.
In economic news, sales of new single-family homes rose 6.4% to 433,000 last month, led by the South and Midwest, the government reported Friday. Economists polled by MarketWatch had expected an April sales pace of 429,000. If the S&P 500 closes above 1,900 it would be very significant, but we still maintain our view that a correction this summer is highly likely, said Uri Landesman, president of Platinum Partners hedge fund. Stocks are not discounting bad news that may happen unexpectedly.
S&P 500 closes above 1,900 for first time – US News
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