The Nasdaq closed up for the ninth straight session, its longest winning streak since September of 2010. Bobbi Rebell reports.
The Nasdaq was the star of the day extending its winning streak to nine sessions, the longest run since 2010. But, overall stocks were mostly lower... the Dow and S&P 500 easing off recent record highs. Concerns over a strong dollar and oversupply of crude in North America pushed U.S. oil futures back below the $50 level. That dragged down shares of deepwater drillers. S&P Capital IQ analyst Stewart Glickman is negative about oil services stocks like Halliburton amid low prices. SOUNDBITE: STEWART GLICKMAN, ANALYST, S&P CAPITAL IQ (ENGLISH) SAYING: "You're going to be facing demand for your services being turned down or having to make severe price concessions to keep the business and keep the labor employed." Home building stocks losing ground after existing home sales in January dropped to their lowest level in nine months. Aerospace giant Boeing's shares lost altittude. Goldman Sachs says the market for large jets may be oversupplied, and that Boeing is the most exposed to any change in demand for new aircraft. Valeant Pharmaceuticals is buying gastrointestinal drugmaker Salix Pharmaceuticals for about $10 billion. The acquisitive company made headlines last year for failed in its bid to take over Allergan. Bristol-Myers Squibb is teaming up with Rigel Pharma to develop and sell cancer drugs. Rigel could stand to make more than $300 on the deal. Its shares soared. Twenty-First Century Fox denied an Australian report that said it held takeover talks with Discovery Communications two weeks ago. Discovery declined to comment, but its stock shot up on the news. A disappointing German morale survey couldn't dampen the morale of European investors, shares closing mixed.