Summary: Techs and consumer finance stocks lift stocks; Google stock rallies after revenues beat; GE profits rise; Honeywell raises forecast; Trupanion IPO. Bobbi Rebell reports.
A modest rebound in U.S. stocks in the last trading session of the week. The major indexes closing to the upside- just a day after the S&P 500 had its worst decline since April 10th. Technology and consumer finance stocks were among the day's biggest gainers. For the week - the major indexes were higher as well. Investors still keeping a close eye on geopolitical tensions after the U.S. said it could not rule out that Russia may have helped separatists in firing a missiles that likely downed a Malaysian airliner Thursday. Diane Garnick, CEO of Clear Alternatives : SOUNDBITE: DIANE GARNICK, CEO, CLEAR ALTERNATIVES (ENGLISH) SAYING "This is not just risk about the Federal Reserve, this is no longer risk about missing earnings. This is not even risk about having too much cash on the balance sheet. People need to focus on the risk of geopolitical uncertainty that is eminent around the world." Google a big winner. The top search company posted better than expected revenues late Thursday. General Electric profits up 13 percent. Sales of its jet engines and oil and gas equipment improved. GE also said it's private label credit-card business will have an initial public offering at the end of the month. It will be called Synchrony Financial. And Honeywell reported a better than expected quarterly profit, helped by higher sales of turbochargers. Shares rose after the company also raised the lower end of its profit forecast range for this year. It's a deal! U.S. drug maker AbbVie has bought Dublin- based Shire in a $54 billion dollar deal- that will allow it to slash its tax bill by moving to Britain. Trupanion had a strong debut on the New York Stock Exchange. Shares rose as much as 15 percent. The deal valued the pet insurance company at more than $300 million - investors bet on growing demand among pet owners to have their pets insured. European markets closed mixed- losses associated with rising tensions between Ukraine and Russia were mitigated by a number of strong earnings reports from Sweden.