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US stocks ended higher yesterday in a late-day rebound as... [Derived headline]

May 17, 2014

US stocks ended higher yesterday in a late-day rebound as small- cap names edged up after recent weakness and consumer discretionary shares advanced.

The Russell 2000 gained 0.6%, recovering after once again approaching correction territory, defined as a 10% drop from a recent high, earlier in the session.

The week has been marked by small-cap weakness, with the Russell index down 0.4% for the week. The Dow and the S&P 500 also slipped for the week, while the Nasdaq rose.

The S&P 500 climbed back above its 50-day moving average near 1868, an area that has served as support.

Telecom and consumer discretionary sectors led the S&P 500 higher. Shares of Verizon Communications climbed 2.3% to $49.07 a day after a regulatory filing showed Warren Buffett'sBerkshire Hathaway bought 11 million shares of Verizon in the first quarter.

The Dow Jones industrial average rose 44.50 points or 0.27%, to end at 16,491.31. The S&P 500 gained 7.01 points or 0.37%to 1877.86. The Nasdaq Composite added 21.30 points or 0.52%, to 4090.59.

In earnings news, JC Penney Co and Nordstrom Inc both jumped a day after posting earnings that exce eded forecasts. Nordstrom, up 14.7% at $70.55, was the S&P 500's biggest percentage gainer. JC Penney shot up 16.2% to $9.73. The S&P consumer discretionary index advanced 0.7%.

For the week, the Dow fell 0.6%, the S&P 500 dipped 0.03% and the Nasdaq gained 0.5%.


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Source: Herald, The (Scotland)


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