U.S. stocks posted their largest weekly drop in nearly three months on Friday as earnings continued to weigh. Bobbi Rebell reports.
Stocks finishing the week with a second losing session in a row on Friday, closing out the month of April with a mixes showing from the major indexes. Oil prices dipped again after an early rise to 2016 peaks, but posted the largest monthly gain in a year for April, helped by a weaker dollar. Amazon stock jumping a day after reporting far better than expected earnings. LinkedIn higher a day after raising its 2016 forecast. Eric Weigand, senior portfolio manager at US Bank Wealth Management : (SOUNDDBITE) ERIC WEIGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK WEALTH MANAGEMENT, (ENGLISH) SAYING: "We have a favorable bias for the long term towards domestic equities but we think in the near term there is a little bit of froth there coming off the early February lows we've seen a near 16 percent recovery in most of the major indices." Both Exxon Mobil and Chevron slashing costs. Exxon results beat forecasts, though profits dropped sharply. Chevron with a profit miss. Royal Carribean reporting higher earnings and raising guidance, but the stock still drifting lower. Rovi is buying digital video recording pioneer Tivo in a deal valued at $1.1 billion. Shares of Tivo up on that news. New data showed consumer spending remained tepid in March and inflation barely rose. The major european indexes posting their biggest weekly drop in more than two months.