Stocks gave back a little ground on Friday but still managed to pull off the best month in four years. Bobbi Rebell reports.
Best month for stocks in four years
This October didn’t spook U.S. stocks. It turned out to be the best month in four years with the big indices gaining about nine percent Stocks finished flat Friday amid weak economic data.
Consumer spending and personal income barely rose in September and inflation was weak. Plus, consumer confidence fell this month.
Valeant shares dropped further. The drug maker is severing ties with the mail-order pharmacy, Philidor Rx.
Chevron will cut about a tenth of its staff and deeply slash its capital spending plans. Exxon Mobil’s quarterly profit fell nearly in half but beat estimates.
O’Shares Investments chairman Kevin O’Leary:
SOUNDBITE: KEVIN O’LEARY, CHAIRMAN, O’SHARES INVESTMENTS (ENGLISH) SAYING:
“The thing I love most about them the very most, fantastic cash flow. The chances that either of these names will ever cut their dividend in my view: zero.”
Sun up, sun down. First Solar’s shares rose after the operator of photovoltaic power plants hiked its profit outlook for this year. But Elon Musks’ Solar City got whacked after the company said it’ll slow its growth rate next year.
LInkedIn’s quarterly loss was smaller than expected, and the social networking company raised its full-year earnings forecast.
European stocks were mixed. But they had their best month in over six years.