Stocks moved higher on Friday racking up weekly gains of more than three percent for the major indexes. Bobbi Rebell reports.
A solid finish to a week that started out in turmoil. U.S. stocks extended gains after a better-than-expected report on the manufacturing sector. It was the fourth day in a row of gains following two-days of heavy losses after Britain voted to leave the European Union. The yield on the 30-year U.S. treasury fell to its lowest level since the 1950s. For the week, all the major indexes were higher as well. But as the second half of the year begins, Stifel Nicolaus portfolio manager Chad Morganlander believes the upside is limited: (SOUNDBITE) CHAD MORGANLANDER, PORTFOLIO MANAGER, STIFEL NICOLAUS, (ENGLISH) SAYING: "We would be somewhat more cautious going into the second half of the year. Yes, you could see some rally that goes from, that goes up about three percent with a total return of five percent for the year, but you are not going to get that tremendous ebullient bounce within the S&P 500 over the course of the next six months. " Adding to the upbeat mood: Auto sales had their best June sales in more than a decade. Harley Davidson stock surging on market chatter the company could be a takeover target. In Europe, shares moved higher led by gains in banking stocks.