Stocks Up With GE Outlook
After General Electric raised its outlook for first quarter earnings, U.S. stocks increased.
Home builder shares were also helped by a boost in new home sales last month.
According to a Reuters article,
“GE, a Dow component which has sprawling array of businesses from broadcasting to aircraft engines, gained 1.3 percent to $35.96 on the New York Stock Exchange.
The Dow Jones industrial average was up 41.16 points, or 0.39 percent, at 10,497.18 and the Standard & Poor’s 500 Index was up 5.59 points, or 0.48 percent, at 1,178.12. The Nasdaq Composite Index was up 11.82 points, or 0.59 percent, at 2,002.04.”
“It (GE’s outlook) is good news,” said Weeden & Co. market strategist Steve Goldman. “But on the other hand, you have an economy that is strong and yet it’s arguing that it should slow down because there may be some lingering concerns of inflation creeping into the system.”
“GE definitely helped – they’re in so many different types of businesses that when they come out with positive news, the trickle-down effect is pretty dramatic and it can kick-start multiple sectors,” said Brian Williamson of The Boston Co. Asset Management.
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