Stocks bounced back on Friday after investors bought stocks in healthcare and technology, though the major indexes closed out the week with losses. Bobbi Rebell reports.
A dose of mostly positive economics data helped stocks bounce back from Thursday's steep loss. The Nasdaq snapped a four-session losing streak. For the week, the Dow, S&P, Nasdaq all closed lower. In a day studded with economic stats, consumer sentiment rose, and automakers saw brisk sales growth in April, a traditionally slow month. But factory activity held steady, and construction spending fell last month. Electric car maker, Tesla Motors, launched a new business: batteries storing solar energy for homes, businesses and utilities.Tesla CEO, Elon Musk, says homeowners can use the batteries as backup power. SOUNDBITE: ELON MUSK, CEO, TESLA MOTORS (ENGLISH) SAYING: "It gives you safety, security, and it gives you a complete and affordable solution, and the cost of this is $3,500." Shares of Tesla's partner, software maker EnerNOC, powered higher on the announcement. Railcar makers Greenbrier and Trinity Industries chugged higher. The U.S. and Canada announced new safety standards that phases out older tank cars. Altera's shares soared after Reuters reported that Intel has the option to launch a hostile bid when their standstill agreement expires June 1st. LinkedIn's shares got hammered as more than twenty analysts slashed their price targets. The social network for professionals chopped its full-year profit forecast because its hiring business is slowing. In Europe, most stock markets were closed for the May Day holiday. In London, a rally in shares of Lloyds Banking Group led stocks higher.