Winners and Losers: Tech Shares, Oil Prices Soar
As investors wait with bated breath about whether the fed will cut rates, soaring oil prices were the week’s topic du jour. Oil closed at $91.86 a barrel, setting the last in a string of record highs in recent weeks.
"The weakness in the dollar and geopolitical concerns caused the rally in the oil market," said Pat O’Hare, chief market analyst at Briefing.com.
Oil wasn’t the only winner for the week. Technology shares, led by Microsoft, made major advances after reporting surprisingly strong earnings after market close Thursday.
Microsoft gained 9.5 percent to close at $35.03 a share. Stocks rallied on news that Microsoft beat analysts' expectation for the third quarter.
"To see a stock of that size move in that way is really remarkable," said O'Hare.
For the week the all of the major indexes ended higher. The Dow Jones Industrial Average closed at 13,806.70, the S&P 500 at 1535.28 and the Nasdaq at 2804.19.
Other gainers for the week included Countrywide Financial, up 13.59 percent to $17.30, and Black and Decker, which rose 17.85 percent to $91.39.
On the losing end was Coach . The luxury retailer lost 12.4 percent for the week and closed at $36.16. Broadcom dropped 17.04 percent to finish at $33.64, and WellCare Health Plans shed a staggering 73.02 percent, closing at $31.36.
Looking ahead, all eyes are on the Federal Reserve and Chairman Ben Bernanke. Analysts expect a 25 basis point cut to the Fed funds target rate. A fed cut could help shore up a weakening housing market and struggling banks and brokerages.
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