The S&P 500 index closed at a record high on Friday, after a ceasefire agreement between Russia and Ukraine, and progress on a greek debt deal. Bobbi Rebell reports.
Late day momentum driving stocks on Friday. The Dow closing above 18,000, the S&P 500 hit an all-time high, and the Nasdaq another at a 15-year high, an all around good week for the equity markets. Brent crude topped the $60 a barrel mark for the first time this year. Investors bet that deeper spending cuts could curb excess supply, driving up shares of oil drillers Schlumberger, Halliburton, TransOcean, and Baker-Hughes. Tough quarter for food companies, starting with a shakeup at Kraft. Its CFO is leaving her role and two other senior executives are leaving the company. The announcement came as the maker of Jell-O and Planters nuts reported a net loss in the latest quarter. Its stock fell. ConAgra Foods slashed its profit forecast. Shares fell as the maker of Chef Boyardee pasta and Slim Jim jerky blamed the stronger dollar and weak sales in its private brands for the shortfall. And falling sales of Folgers coffee hurt sales and profit at J.M. Smucker. And it doesn't see coffee perking up, either, warning of weaker sales for the fiscal year ending April. Groupon shares shot higher after it said several parties have expressed interest in buying its Korean subsidiary, Ticket Monster. The online commerce company's quarterly sales rose sharply, but its forecast for the current quarter fell shy of analysts estimates. In economics news, consumer sentiment fell much more than expected this month amid concerns about wage growth, and import prices fell by the most in six years last month. Lifting stocks over in Europe: much stronger-than-expected German GDP growth and investors' hopes that Greece will be able to reach a deal with its creditors next week.