Technology shares led the way up Friday. Brands such as Cisco, Intel and Microsoft posted respectable gains. Stocks stepped up amid a variety of economic news. Real GDP increased 1% at an annualized rate in the second quarter. Downwardly revised from the advance estimate in July of 1.3%; the consensus was for a revision to 1.1% growth. Consumer confidence is on the wane this month. The University of Michigan’s August consumer sentiment index fell 8 points to 55.7. On another note, Tiffany jumped up today following word of a 30% increase in second-quarter net income. The luxury jewelry maker also boosted its full-year profit outlook. Elsewhere, crude oil tacked on 7 cents to settle at $85.37 a barrel.
Disclosures:
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.