Healthcare stocks like Allergan weighed on the major indexes, but stocks posted gains for the week. Fred Katayama reports.
Investors taking profit on the post-election rally. The major U.S. indexes edged lower Friday, pulled down by healthcare stocks like Allergan. Ken Kamen of Mercadien Asset Management says investors should temper their enthusiasm. SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SPEAKING: "Well, the reality of things-can't-happen-as-quickly-as-it-seems, that market euphoria has made new highs - it's starting to settle in on people." Traditional apparel retailers are struggling ahead of the holiday shopping season as fast-fashion chains bite into their sales. Abercrombie & Fitch's shares plummeted after the teen retailer warned the holiday quarter could be "challenging." Quarterly profit plunged. So did that of Gap Stores. Gap also said it'll shut about 65 company-run stores this year. One retailer adding a new line of products: Amazon. It said it'll start selling Fiat Chrysler cars online in Italy. And it'll offer online buyers an additional discount. Salesforce.com's shares rising one day after it released a bullish revenue outlook. It closed several big deals with major customers like Citigroup and Amazon in the latest quarter. In Europe, the major indexes lost ground as the strong dollar took its toll on mining stocks.