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Wall St. gains in May

Friday, May 29, 2015 - 02:06

Stocks took a step back on Friday, but moved higher for the month of May. Bobbi Rebell reports.

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Stocks slid for the second straight day, pressured by a batch of weak economic news. For the week, the major U.S. indexes lost ground- though they were up for the month of May. The U.S. economy shrank in the first quarter, a downward revision from the growth registered in the first read. IHS Chief Economist Nariman Behravesh: SOUNDBITE: NARIMAN BEHRAVESH, CHIEF ECONOMIST, IHS (ENGLISH) SAYING: "The strong dollar is a major headwind for U.S. exporters and also for U.S. companies earning profits overseas. In fact the profits numbers in the first quarter were terrible and some of that was because of the strong dollar so it is an issue but it's not going to be a recovery killer." What's more, consumer sentiment fell this month, and a key manufacturing yardstick for the Midwest region unexpectedly shrank. Deals news grabbed the headlines. Shares of Humana soared to an all-time high and topped the S&P 500's gainers on the day. Dow Jones reports the health insurer is considering selling itself. It said Cigna and Aetna are potential bidders. Rosetta Stone's shares zoomed higher after the language software company said it received an "express of interest" from the activist investment firm, RDG Capital. Intel moved higher after the New York Post reports the chip giant is near a deal to buy Altera for about $15 billion. Two brokerages raised their price target on GameStop one day after the video game retailer reported profit and revenue and issued an outlook that all topped forecasts. Its stock was the day's second biggest gainer on the S&P. Amazon.com's shares rallied after the Wall Street Journal reported the online retailer will expand its private-label brand lineup with grocery goods and household cleaners. Splunk's shares went kerplunk. The data software company's quarterly revenue grew but so did its loss, and its product billings growth rate slowed down. In Europe, conflicting signals on Greece's debt talks unnerved investors. Stocks fell, and they posted losses for the week.

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Wall St. gains in May

Friday, May 29, 2015 - 02:06