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Brutal quarter for stocks

Wednesday, September 30, 2015 - 01:28

Stocks posted their worst quarter since 2011, but had sharp gains on the closing session. Bobbi Rebell reports.

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Stocks rallied on the last day of a brutal quarter. Consumer cyclical and healthcare shares led the way higher. Lifting investors' spirits: ADP's report of a gain of 200,000 jobs last month. That offset the sharp drop by a midwest manufacturing index. John Mousseau, director of fixed income and portfolio manager at Cumberland Advisors: SOUNDBITE: JOHN MOUSSEAU, DIRECTOR OF FIXED INCOME AND PORTFOLIO MANAGER, CUMBERLAND ADVISORS (ENGLISH) SAYING: "I think, a little bit of it is kind of a relief rally, if you will. The fact that you saw a good ADP number this morning, the fact that you haven't seen, you know, quite the bouncing around in yields you might have seen, and, I think, a lot of it is just the fact that it has been bouncy." For the quarter, the major indexes all posted losses. Ralph Lauren is stepping down as CEO of his apparel company. Replacing him: Stefan Larsson, currently president of Gap's Old Navy unit. Gap shares fell. Ralph Lauren rallied. The Chinese company, Tsinghua, is buying a 15 percent stake in disk drive maker Western Digital. That pushed up shares of Western Digital and its rival, Seagate. Target's stock rose after the retailer said it would match the online prices of 29 rivals including Costco and Best Buy. Tesla's shares rose after the electric car maker unveiled its SUV, the Model X. In Europe, stocks rose sharply after a Chinese tax cut drove up the shares of automakers.

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Brutal quarter for stocks

Wednesday, September 30, 2015 - 01:28