Will the Dow Break Its Losing Streak?
Now that the Facebook IPO is history, investors are turning their attention back to the stock market at large -- and at least so far this morning, they seem to like what they see. The weekend's G8 meeting gave worried investors some reassurances that world leaders will try to help Greece stay in the eurozone, but as usual, details were sparse, and even if those efforts are successful, they'll take time to implement and will bring plenty of uncertainty along the way. Still, that was enough to give stocks a modest bounce, and at around 10:45 a.m. EDT, the Dow Jones Industrials (INDEX: ^DJI) were up 55 points.
Johnson & Johnson (NYS: JNJ) was up slightly on a mixed report from staff members at the FDA about its blood-thinning drug Xarelto. The staff report said that the drug appears to work to prevent heart attacks and strokes for sufferers of acute coronary syndrome, although it also cited missing data that could raise questions about its efficacy. Xarelto will go before an FDA advisory panel later this week. J&J's experience could also have an impact on fellow Dow component Pfizer (NYS: PFE) , which is looking forward to a late-June FDA decision on its Eliquis blood thinner.
Kraft (NYS: KFT) also managed a small advance. Food rival Campbell Soup released earnings that showed its profits fell more than 5% from year-ago levels, but with the company's emphasis on soup, it would be easy to blame the warm winter weather for Campbell's experience. Still, Campbell and Kraft face many of the same challenges from rising raw ingredient costs.
Finally, Microsoft (NAS: MSFT) rose about 1% as its new So.cl network launch goes up against Facebook. Originally aimed at college students, Microsoft said last year that the site wasn't meant to compete against Facebook, but rather add a new niche to the growing social industry.
Will the rise last?
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At the time this article was published Fool contributor Dan Caplinger doesn't own shares of the companies mentioned. You can follow him on Twitter @DanCaplinger. The Motley Fool owns shares of Microsoft and Johnson & Johnson. Motley Fool newsletter services have recommended buying shares of Pfizer, Microsoft, and Johnson & Johnson, as well as creating a diagonal call position in Johnson & Johnson and a bull call spread position in Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.
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