Falling bank shares were offset by a jump in tech stocks. As Fred Katayama reports, Wall Street finished Friday flat.
Bank shares fell Friday following the Federal Reserve's dovish stance on future rate hikes, but Wall Street finished flat. Offsetting the banks: a jump in tech stocks spurred by Adobe's earnings. Ken Kamen of Mercadien Asset Management. SOUNDBITE: KEN KAMEN, PRESIDENT MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "We're seeing the market kind of flatten out for a couple of days which I think is really welcome. We've been on this rocket ship, so as the market levels out and digests what's going on with the Fed and certainly what we're hoping to get out of fiscal policy out of Washington, having a breather isn't such a bad thing." Tiffany shares glistening. Strong jewelry sales in Japan and China helped push profit past analysts' estimates. Adobe shares rising to a record high after the Photoshop maker's rising profit and revenue wowed Wall Street. Among the biggest drags on the S&P 500 and Nasdaq: Amgen. Analysts were disappointed by the results of a study on its cholesterol drug even though it showed Repatha cut the risk of heart attacks and strokes by over 20 percent. In Europe, consumer and telecom services stocks nudged the markets higher.