February 28, 2014 -- 4:20 p.m. - 02/28/14
Stocks were mostly higher on Friday. The Dow rose 49 points to 16321. The S&P 500 added 5 points to reach a new record level of 1859. The NASDAQ declined 11 points to end the session at 4308.
The major averages finished the final day of February mixed as investors weighed todays economic data and increased tension in Eastern Europe. Before the open, fourth-quarter GDP was revised down to a 2.4% annualized rate from 3.2%. Additional reports showed consumer sentiment and Midwest activity unexpectedly improved in February. Pending home sales rose 0.1% in January. The market moved lower in afternoon trading amid reports of possible military action by Russia in the Ukraine.
Seven of 10 sectors in the S&P 500 were up with utilities as the best performing group. Shares of PG&E rose 1.5% to 44.06. Telecom was the biggest decliner on the session with AT&T down 0.9% to $31.93. Among todays earnings releases, Monster Beverage climbed 4% to $74.00 after the energy drink maker posted quarterly results above consensus estimates. Shares of Deckers Outdoor fell 12.2% to $74.35 on its reduced first quarter guidance.
Breadth was mixed with issues on the NYSE positive by 3-2 and the NASDAQ negative by a 8-7 margin. Composite NYSE volume totaled 3.8 billion shares.
Treasuries declined with the 10-year note down 4/32 to yield 2.66%.
For the month of February, the Dow gained 4.0%, the S&P 500 rose 4.3% and the NASDAQ advanced 5.0%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.