Stocks had a stellar week, with all major indexes soaring at least two percent. Bobbi Rebell reports.
Investors playing it safe, staying on the sidelines as the date for a crucial Fed meeting nears. For the week, the S&P scored its biggest gain since July. John Manley of Wells Fargo Funds Management. (SOUNDBITE) JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO FUNDS MANAGEMENT (ENGLISH) SAYING: "I think, it's exhaustion as much as anything else. There are very strong voices in the market. And, I think, in a situation like that, there are some mechanical forces at work, some idiot forces at work, some people trying to lock in profit." A drop in consumer confidence this month and unchanged producer prices last month further clouded the outlook for interest rates ahead of the crucial Fed meeting next Thursday. Oil stocks the biggest losers on the day, tumbling after Goldman Sachs said U.S. crude could plunge more than 50 percent to as low as $20 a barrel. Cherokee shares lost a third of their value. Retail giant Target is dropping Cherokee's apparel in the U.S. In Europe, shares fell for a second straight session but had its biggest weekly gain since July.