Stocks higher amid upbeat euro outlook

By msnbc.com news services

Wall Street moved higher Friday as investors were attracted to risk assets, with the euro higher and key euro zone bond yields down.

Reflecting improved investor confidence, benchmark Italian bond yields stabilized below 7 percent and Spanish yields also fell. Still, worries persisted over possible sovereign credit downgrades to the euro zone members.

European shares were slightly lower, but mining stocks rose, tracking metals. Copper prices added nearly 2.3 percent.

The euro rose against the U.S. dollar in a rebound from recent losses.

Stocks continued to be supported by strong U.S. data from Thursday, according to Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis.

"The reality is this morning, (jobless) claims are still way down, manufacturing sectors had a nice pop and that provides a nice floor to the market," he said.

The number of Americans filing new claims for jobless benefits fell to a 3-1/2-year low last week and factory activity in parts of the Northeast picked up in December, data showed Thursday.

Online gamesmaker Zynga Inc was expected to make a strong debut on the Nasdaq Friday after it priced its initial public offering at $10 per share, the top end of its range.

U.S. consumer prices were flat in November as Americans paid less for cars and gasoline, while the 12-month inflation reading fell for the second straight month, which could give the Federal Reserve more room to help a still-weak economy.

Paulsen said that subdued inflation will be a long-term positive as consumers benefit from contained prices.

"That's one of the reasons you're seeing better consumer (confidence) of late," he said.

Research In Motion Ltd posted a sharp drop in profit on Thursday, offered a dismal outlook for BlackBerry shipments during the holidays and delayed an overhaul of its smartphones. The stock dropped nearly 10 percent to $13.64 in premarket trading.

Reuters contributed to this report.

Source: http://bottomline.msnbc.msn.com/_news/2011/12/16/9493790-stocks-higher-amid-upbeat-euro-outlook

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