Stocks ended the week mostly lower, but overall posted gains of more than one and a half percent for the major three U.S. indexes. Bobbi Rebell reports.
Wall Street rose for the second straight week despite stocks closing mostly lower on Friday. Stocks gave up their earlier gains after U.S. crude prices lost ground. Strong GDP data, a rise in consumer spending, and inflation raised the likelihood of an interest rate hike. The tight correlation between oil prices and equities must get out of the way if stocks are to mount an intermediate term rally, says Cuttone's Keith Bliss. (SOUNDBITE) KEITH BLISS, SENIOR VICE PRESIDENT, CUTTONE & CO., (ENGLISH) SAYING: "The fundamental problems inside of the market place, what we've been saying the last couple of weeks is, it is broken." J.C. Penney bucking the retail sales trend. The department store chain's quarterly comparable sales grew when rivals posted dismal results. Hilton Worldwide plans to spin off the bulk of its real estate assets into a real estate investment trust. It'll also spin off its timeshare unit into a separate publicly traded company. Oprah Winfrey's investment in Weight Watchers failed to boost the weight loss company's quarterly revenue. Shares plummeted. Republic Airways nose-dived. The regional carrier filed for bankruptcy protection on Thursday. In Europe, mining shares helped drive stocks higher.