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Strongest day in three months for stocks
Tuesday, May 24, 2016 - 01:24
U.S. stocks surged as investors made peace with a possible June rate hike. After the bell, Hewlett Packard Enterprise announced a spin-off of its services business. Bobbi Rebell reports.
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U.S. stocks powered higher on Tuesday as investors got comfortable with the possibility of an interest rate hike soon. Financial and tech stocks led the way. Brian Friedlander of Angel Oak Capital Advisors. (SOUNDBITE) BRIAN FRIEDLANDER, HEAD PORTFOLIO MANAGER, ANGEL OAK CAPITAL ADVISORS, (ENGLISH) SAYING: "I think you're beginning to see a wake-up call among a set of investors that have been largely complacent about the idea of implicit dovishness coming from the Fed. I think with the Fed's confidence comes market confidence as well." Also helping stoke stocks: strong data. New home sales in April shot up to an eight-year high. After the closing bell, Hewlett Packard Enterprise announcing it will spin off its enterprise services unit and merge it with CSC. HPE also reported quarterly revenue that was better than expectations. Toll Brothers' stock surged after the homebuilder's quarterly revenue rose nearly 31 percent. Best Buy shares dropping. The electronics retailer issued a weak profit forecast, and it said its star CFO, Sharon McCollam, is stepping down next month. Twitter's stock fell to a record low. MoffetNathanson downgraded the microblogging service's shares to "sell" from "neutral." Separately, Twitter said it'll simplify its platform by no longer counting user names and media attachments in its 140-character limit. Financial stocks also lifted European shares sharply higher.
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Strongest day in three months for stocks
Tuesday, May 24, 2016 - 01:24
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