U.S. stocks posted gains for the week, despite a mixed session on Friday on lukewarm corporate results. Bobbi Rebell reports.
Disappointing earnings from some big multinational companies weighed on stocks a day after the European Central Bank announced new efforts to boost euro zone growth. That snapped a four-session winning streak for equities, with the major indexes closing mostly lower. For the week, all the major indexes were higher. But online data storage provider Box soared on its NYSE debut, earning a nearly $3 billion valuation. Manhattan Venture Partners' Max Wolff: SOUNDBITE: MAX WOLFF, MANAGING PARTNER, MANHATTAN VENTURE PARTNERS (ENGLISH) SAYING: "It was a really small float, so a lot of buzz, a lot of turmoil. It's an exciting space. The company showed very good growth recently, and they really only let the market at a very small amount of the company, about 10 percent, and so we are seeing a lot of churning, a lot of chasing a very few shares, and that's really pushed them up here on the first day. " UPS' shares dropped after the delivery company warned it would miss profit forecasts. It had spent money improving its network for the peak holiday shipping season, but demand wasn't as strong as expected. Reuters Chicago correspondent Nick Carey: SOUNDBITE: NICK CAREY, CORRESPONDENT, REUTERS (ENGLISH) SAYING: "It seems that they're aiming at a moving target here. In 2013, they were caught off guard by too many packages. This time around, they prepared for a major surge that never happened." GE's shares rose after the industrial conglomerate's quarterly profit rose and beat estimates. A surge in revenue from its power and water segment more than offset the decline in its oil and gas unit. And Kimberly-Clark warning it sees the stronger dollar cutting into sales this year. It earns half of its revenue abroad. McDonald's shares fell. Quarterly sales dropped seven percent. U.S. existing home resales rebounded last month, but few of them involved first-time buyers. The Leading Economic Index rose in December. and manufacturing expanded in January, but at a slower pace than December. The European Central Bank's move to buy bonds helped European stocks notch their biggest weekly gain in more than three years. Greek shares led the way ahead of the country's election this weekend.