U.S. stocks closed out the week on a high note after euro zone finance ministers agreed to launch a third bailout program for Greece. Bobbi Rebell reports.
Stocks moving higher on Friday after upbeat economic data, and getting a late session boost after euro zone finance ministers agreed to launch a third bailout program for Greece. Stocks also made modest gains for the week. It was a recovery after the focus much of the week on China's yuan devaluation. Keith Bliss of Cuttone and Company: KEITH BLISS, DIRECTOR SALES AND TRADING, CUTTONE & COMPANY (ENGLISH) SAYING : "I think, the bigger damage to the market now is the uncertainty of what the Chinese government has up their sleeve as they try to staunch, stave off any kind of recessionary pressures that may be into the economy in China." Crude oil was down more than three percent for the week, its seventh weekly loss amid concerns about a global oversupply. The U.S. green lighting the sale of U.S. crude to Mexico for the first time - another step in easing controversial bans on oil exports. Mixed economic data. A bigger-than-expected slide in consumer confidence. But industrial production advancing at the strongest pace eight months thanks to strength in the auto sector. And inflation at the wholesale level despite being up for a third straight month still remains tame. El Pollo Loco and King Digital Entertainment, maker of social media game Candy Crush Saga getting crushed on weak earnings numbers. However, retailers J.C. Penney's and Nordstrom's shares moving higher on positive quarterly results. In Europe, stocks closed lower for the day and the week.