Consumer and telecom stocks rallied Friday to offset the decline in energy stocks. Fred Katayama reports.
Stocks managed to eke out small gains ahead of the Presidents Day holiday weekend. Consumer and telecom stocks rallied to offset the decline in energy stocks. Investors want details on President Donald Trump's tax plans, says Mercadien Asset Management's Ken Kamen: SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "One of the things I'm getting concerned about is the market is getting a bit ahead of itself if it's all being focused on the fact we're going to get tax reform and regulatory reform. Because what's going on in Washington now are a lot of false starts and kind of that learning curve that new administrations get. So I think the tax stuff is going to get pushed off more than people think." Shares of Kraft Heinz and Unilever soared. The maker of Kraft Macaroni and Cheese vowed to keep pursuing a merger with Unilever despite being rejected by the Ango Dutch multinational. Mondelez, which had been rumored to be an acquisition target of Kraft, fell. Campbell Soup among the day's biggest decliners on the S&P. Weak demand for its V8 juices and condensed soups pushed quarterly sales lower. J.M. Smucker's shares also dropping. Quarterly profit fell at the maker of Smucker's jams, and the company warned full-year sales may drop more than anticipated. In Europe, energy stocks fell, but the markets finished mostly flat.