By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market edged higher on
Friday after a wobbly start as economic data pointed to a slowdown
in the economy with unusually cold weather playing a part.
The main indexes are still on track to record their second
straight week of gains, however.
The S&P 500 (SPX) was 2 points, or 0.1%, lower at 1,827.22
and on track to record a gain over the week. The Dow Jones
Industrial Average (DJI) fluctuated and was edging 2 points higher
to 15,988.12. The blue-chip index was set to record a weekly gain.
The Nasdaq Composite (RIXF) snapped its 6-day winning streak,
falling 10 points, or 0.3% to 4,229.72. Follow our stock market
live blog.
Economic data on Friday was mixed. Earlier, a surprise drop in
industrial production in January, with the cold weather knocking
manufacturing and mining output, dampened the mood.
However, consumer sentiment was unchanged in February, with a
preliminary reading slightly above consensus expectations,
according to reports on a gauge from the University of Michigan and
Thomson Reuters.
In the corporate space, shares of Jos. A. Bank Clothiers Inc.
(JOSB) fell 3% after the upscale men's retailer said it agreed to
buy Eddie Bauer for $825 million in cash and stock.
Weight Watchers International Inc. (WTW) slumped 26%. The
company on Thursday reported fourth-quarter earnings of 54 cents a
share and forecast 2014 earnings of $1.30 a share to $1.60 a share,
sharply lower than analysts' estimate of $2.72 a share.
American International Group Inc. (AIG) fell 1.5% after the
insurance firm said it swung to a fourth-quarter profit. AIG also
announced it will increase its quarterly dividend by 25% and raised
its stock buyback plan by $1 billion. It will cut its workforce by
3%, the insurance company told employees.
VF Corp. (VFC) slid 6% after its earnings report.
Campbell Soup Co. (CPB) shares rallied 4% after the company's
quarterly earnings that topped expectations.
In other financial markets, European stocks traded in positive
territory after economic-growth data for the euro zone showed a
pickup in pace. Gross domestic product for the currency union
advanced 0.3% quarter-on-quarter in the final three months of last
year, with Italy ending its two-year recession.
Asia markets closed mostly higher. The dollar dropped against
most major currencies, while most metals prices rose and oil prices
fell.
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