After a volatile week triggered by a looming financial crisis in
Portugal, investors found their footing by snapping up discounted
momentum stocks. The Dow finished the session at 16,915, up 28
points. The tech and Internet-heavy Nasdaq climbed 19 points to close at 4,415.
On the upside
Shares
of Amazon.com (Nasdaq: AMZN) led Internet stocks on positive mention of
its cloud computing business as well as buzz surrounding its drone
delivery initiative.
Shares of Glu Mobile (Nasdaq: GLUU) rose again on excitement about Kim Kardashian: Hollywood, a free-to-play mobile game.
On the downside
Genworth Financial (NYSE: GNW) is expected to abide by new restrictions proposed by the Federal Housing Finance Agency on mortgage insurers doing business with Freddie Mac (Nasdaq: FMCC) and Fannie Mae (Nasdaq: FNMA).
Shares
of Digital Ally (Nasdaq: DGLY) opened sharply higher, but ended the
trading session in the red as investors took profits. Yesterday, the
company received a patent for its VuLink connectivity system which lets
law enforcement agencies record video inside and outside of vehicles.
Wells
Fargo (NYSE: WFC) posted higher revenues that beat estimates along with
earnings that met expectations, but the stock slipped slightly lower.
Rent-A-Center (Nasdaq: RCII) announced guidance for 2nd quarter revenues and earnings based on modest same-store sales growth.
In
the broad market, advancing issues outpaced decliners by a margin of
nearly 5 to 4 on the NYSE and by 5 to 4 on Nasdaq. The broader S&P
500 added 2 points to close at 1,967. Bitcoin lost $5 to $615.
