In Europe, the Stoxx Europe gained 1% on Friday, putting the European benchmark into positive territory for the entire week. Asian markets also finished higher, up 0.5%, with the Nikkei average finishing barely above zero at 0.1%.
Facebook (FB) finally finished up 6.04% as they posted their first back to back gains since their IPO. Microsoft (MSFT) climbed 6.04% and International Business Machines (IBM) finished up 2.09% to lead the DOW gains. Stocks opened higher even as economic data showed that customers felt less upbeat about the economy than at the start of the month than in May. IntercontinentalExchange (ICE) jumped 4.73% as they won the bidding process to buy the London Metal Exchange. Finally, AIG rose 1.42% after the insurer said that it reduced outstanding support from the US government by $152 billion.
Happy Friday everyone and have a great weekend!
Thomas Doherty is an undergraduate at Villanova University majoring in Finance and Economics. Thomas@KeeneOnTheMarket.com