NEW YORK (TheStreet) -- Stocks moved higher Friday, reversing earlier declines after consumer sentiment beat expectations and companies from Cliffs Natural Resources (CLF) to Campbell Soup (CPB) topped earnings estimates.
The S&P 500 is now up 5.1% from a three-month low on Feb. 3, and is poised for a second week of gains after Federal Reserve Chairwoman Janet Yellen indicated the central bank's stimulus tapering plans will stay the course. The S&P 500 was up 0.43% to 1,837.65 while the Dow Jones Industrial Average was 0.67% higher at 16,135.35. The Nasdaq was up 0.08% to 4,243.79. The Thomson Reuters/University of Michigan preliminary index of U.S. consumer sentiment was unchanged in February from a month earlier at 81.2. Expectations were for a decline to 80.2. "The truth is that confidence has not been a reliable predictor of consumption for some years now, so this really doesn't offer much comfort. We would place more weight on the trends in job and income growth," Capital Economics senior U.S. economist Paul Dales told clients. January industrial production fell 0.3% after rising 0.3% in December. The result was below expectations, with manufacturing output falling 0.8%, partly due to severe weather. Top gainers included Cliffs Natural Resources and Campbell Soup after both beat earnings estimates. Their shares were gaining 5.57% and 4.69%, respectively. Defensive play Exxon Mobil (XOM) was another top gainer in the Dow, rising 2.55% amid the cold weather while Murphy Oil (MUR) was up 3.34%. Reuters reported Friday that Murphy is considering selling some of its Asian oil and gas assets in a deal that could fetch up to $3 billion. Import prices rose by a slightly more-than-expected 0.1% in January after an upwardly revised 0.2% in December, according to the Bureau of Labor Statistics. The European Union's gross domestic product rose 1.1% at an annualized rate during the fourth quarter, the third-straight quarter of growth. For 2013 as a whole, GDP fell 0.4%. Italy's sacked prime minister Enrico Letta has submitted his resignation, with Matteo Renzi, a centre-left Democratic party leader, expected to form a new government next week. Jos. A. Bank Clothiers (JOSB) was up 0.42% after its announcement that the company is acquiring Eddie Bauer for $825 million. Weight Watchers International (WTW) was diving 26% after its quarterly earnings missed projections. Germany's DAX closed ahead by 0.68% while the FTSE finished up 0.06%. Japan's Nikkei closed down 1.53% while the Hang Seng was 0.60% higher.
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--- By Jane Searle and Andrea Tse in New York
Stock quotes in this article: DJI, ^GSPC, ^IXIC, JOSB, WTW, XOM, CLF, CPB, MUR
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