Stocks rebound to post gain for the week

Published on NewsOK Modified: February 7, 2014 at 4:49 pm •  Published: February 7, 2014
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The Dow is still down 4.7 percent for the year, while the S&P 500 is down 2.8 percent.

Did the government's latest survey of the job market give investors reason to feel better about the economy? Opinions were mixed on Wall Street.

"It appears we sort of found our sea legs here in the middle of the week and we're starting to rally back into a more normal valuation pattern," said Phil Orlando, chief equity strategist at Federated Investors.

Others saw the potential for more turbulence.

"This is sort of the new market we live in," Kinahan said. "There are going to be gyrations where we're higher, we're lower, some quick corrections, some quick rallies. This is going to set a tone for the first half of the year."

Investors will have no shortage of potentially market-moving news to watch out for in the coming weeks.

The bulk of the latest quarterly earnings cycle is over, but the markets will be watching how Washington grapples with another debt ceiling deadline, and how quickly the Federal Reserve moves to reduce its monthly bond purchases.

On Friday, the market's gains were broad.

All 10 sectors in the S&P 500 index moved higher, led by industrial and health care stocks. Three stocks rose for every one that fell.

It was a good day for some travel stocks.

Expedia soared $9.31, or 14.3 percent, to $74.45, while TripAdvisor leapt $7.31, or 9.5 percent, to $84.45.

Among the stocks that ended with sizable gains Friday were publishing company News Corp., which rose $1.39, or 8.7 percent, to $17.41. The Gap also added $2.29, or 5.8 percent, to $42.

Some stocks missed the rally.

LinkedIn fell $13.86 or 6.2 percent, to $209.59 after the company said its performance may falter this year as it spends more on long-term projects and revenue growth slows.

Cigna led the declines in the S&P 500 after reporting earnings that fell short of analysts' expectations. The stock sank $7.90, or 9.3 percent, to $77.47. Also sliding was Flir Systems, which makes thermal imaging systems. It shed $1.48, or 4.6 percent, to $30.71.

The yield on the 10-year Treasury note edged down to 2.69 percent from 2.70 percent as investors moved money into bonds. It slid as low as 2.63 percent shortly after the jobs report came out at 8:30 a.m. Eastern time.

The yield, which affects rates on mortgages and other consumer loans, had been edging higher after falling to 2.58 percent on Monday, the lowest level in more than two months.