The Week In Review
The S&P 500 and the Nasdaq set new closing highs on Friday. Amazon led the Nasdaq and the tech sector with a 2.5% gain following better than expected earnings and news one-day shipping will be the new standard for Amazon Prime members. Intel was the big loser in the chip space down 5% following disappointing guidance. The semiconductor Index fell 0.8%. The Dow Jones Industrial Average increased 0.3%, and the Russell 2000 outperformed with a gain of 1.0%. The health care had a nice rebound up 1% while the consumer staples also outperformed.
Signs that the U.S. economy is exhibiting solid growth and muted inflation pressures was another positive consideration for equities and U.S. Treasuries alike. The advance estimate for first quarter GDP increased to 3.2%. The S&P 500 energy sector fell over a percent following a 3% decline in oil. Underwhelming earnings reports from Exxon Mobil and Chevron's bid for Anadarko didn't help the sector either.
The S&P 500 and Nasdaq posted solid gains this week after more than 140 companies released their quarterly reports. The two indexes gained 1.2% and 1.9%, respectively. The Dow, meanwhile, posted a slight weekly loss.
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