Bank of America, Boeing, Cisco and United Technologies led the advance Friday. Stocks rallied after European leaders said they would utilize rescue funds to stabilize banks. Meanwhile, consumer spending slipped slightly in May. Spending declined less than 0.1%, marking the first retreat in 11 months. Personal income, however, grew 0.2% for the second straight month. On another note, consumer confidence was down in June. According to the final reading of the University of Michigan’s consumer sentiment index, confidence fell a more-than-expected 6.1 points to 73.2, from 79.3 in May. Elsewhere, crude oil added $7.27 to settle at $84.96 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.