Chipmaking stocks moved higher for the 2nd consecutive week but investors’ enthusiasm was subdued following mixed readings of consumer spending and confidence. With the earnings season over, investors have been focusing primarily on the economic news for direction. The most important news was retail sales, posting a surprising increase in February.
They’re up 0.3%, beating analysts’ expectations of a 0.2% decline. Equipment stocks were up 2.1%, Chips were up 0.5%, while the S&P 500 was up 1%.