Discussing whether a string of IPOs today signal new-found confidence in the stock market, with Michael Yoshikami, Destination Wealth Management; David Menlow, IPOfinanical.com; and CNBC's Rick Santelli, Ron Insana & Steve Liesman.
By NBC News wire services
Updated at 4:05 p.m. ET: Stocks closed Thursday narrowly mixed as investors shifted attention from weak manufacturing data around the world to the belief that central banks' easy money policies will help revive the global economy.
In a bright spot for the market, Trulia Inc surged on its market debut, as investors bet an improvement in the housing market would benefit the online real estate listing service.
A sobering picture of the global economy developed earlier Thursday, with the release of a string of economic indicators. U.S. manufacturing closed out its weakest quarter in three years this month, and the number of Americans filing new claims for jobless benefits held near two-month highs last week. The U.S. data followed similarly disappointing manufacturing reports from Europe and China.
The benchmark Standard & Poor's 500 Index has climbed 5.8 percent since the beginning of August, driven higher mostly by expectations of more stimulus from central banks. A week ago, the Federal Reserve announced its third round of stimulus or quantitative easing, known as QE3. Fed Chairman Ben Bernanke said the central bank should do all it can to encourage growth and get Americans back to work.
Boston Fed President Eric Rosengren said on Thursday that the Fed's actions last week "should result in stronger economic growth, and return us to full employment more quickly than would be the case, absent the policies." He was speaking to bankers and business leaders in the metropolitan Boston area.
In a sign of bullishness, UBS raised its target level for the S&P 500 by the end of 2012 to 1,525 from 1,375 on Thursday, saying equity markets will climb after aggressive monetary easing by central banks.
"Over the short run, we believe that the 'risk on' trade will continue, with a rotation into the most volatile and economically sensitive stocks," UBS' chief U.S. equity strategist Jonathan Golub wrote in a research note.
Manufacturing in China contracted for an 11th straight month in September, according to a private-sector survey of factory managers; in the euro zone, a downturn in activity in the service sector steepened this month at the fastest pace since July 2009.
Retailers' shares also fell. Bed, Bath & Beyond tumbled a day after the company posted quarterly results that narrowly missed Wall Street estimates on account of higher costs.
Fellow retailer J.C. Penney Co Inc slumped after Chief Executive Ron Johnson said new shops within stores are doing much better than other parts of its department stores, but it was "way too early to draw conclusions" as the retailer is still rolling out the strategy.
The Morgan Stanley retail index fell.
Facebook Inc's shares fell after the company said it will start charging businesses to run promotional offers on its social network, turning a free service into a potential source of revenue.
Wal-Mart Stores Inc will no longer sell Amazon.com Inc's Kindle products, making it the second major chain to stop selling Amazon's devices, as the world's largest retailer makes a bet that consumers are more interested in other gadgets.
Reuters contributed to this report.
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