Stocks finished the week strong with the S&P 500 closing at a new record high, despite earnings reports from GE and Honeywell that disappointed investors. Bobbi Rebell reports.
Another record high for the S&P 500. Tech and telecom shares moved higher helping to lift the markets, though gains were limited after General Electric reported results that disappointed the markets, and Honeywell cut its 2016 sales forecast. For the week though, stocks posted gains for the fourth week in a row with both the Dow and S&P 500 having hit record highs. Kevin Kelly of Recon Capital: (SOUNDBITE) KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL PARTNERS, (ENGLISH) SAYING: "The market has shown a lot of resiliency, and one of the reasons why is we've seen great earnings come out from some of the top tier companies that everyone has invested in. So, not only have we seen bottom line growth on the earnings side, but we've seen top line growth. " Reuters has learned that Verizon is the front-runner for Yahoo's core business after outbidding others, including AT&T. A deal would boost Verizon's AOL internet business by giving it access to Yahoo's advertising technology tools. In Europe, the major country indexes were mixed in the final trading session of the week.