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Financials push Wall Street higher

Tuesday, May 23, 2017 - 01:27

Wall Street extended its rally into a fourth straight session. As Fred Katayama reports, weak economic data capped the gains.

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Investors had an appetite for financial stocks, and that helped push the markets higher. Wall Street extended its rally into a fourth straight session. Weak economic data capped the gains. Stralem Fund portfolio manager Adam Abelson: SOUNDBITE: ADAM ABELSON, PORTFOLIO MANAGER, STRALEM FUND, (ENGLISH) SAYING: "This is a continuation of the market climbing the wall of worry. It's the 'hopium trade' as we like to call it around Stralem which is that the agenda of tax reform and repatriation and infrastructure - these are powerful investment themes that have continued to power ahead despite some of the headwinds that have prevailed over the past couple of quarters." In economics news, new home sales tumbled in April. The 11.4 percent plunge was much steeper than economists had forecast. Manufacturing activity in May fell to its lowest level in nine months. Take-Two Interactive shares soared. Its quarterly profit more than doubled, and its full-year revenue forecast wasn't as bad as some analysts had feared. Auto parts stocks fell after retailer Autozone reported falling quarterly same-store sales. Raymond James cut its stock to "market perform" from "strong buy". Nokia shares jumped higher after the telecom equipment maker settled a patent dispute with Apple. In Europe ...

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Financials push Wall Street higher

Tuesday, May 23, 2017 - 01:27