Stocks Pare Gains in Final Hour
Denver-based restaurant operator Chipotle Mexican Grill(CMG) reported a profit of $62.7 million, or $1.97 a share, on revenue of $640.6 million, up more than 25% from last year. The performance bested the average estimate of analysts polled by Thomson Reuters for earnings of $1.93 a share in the March-ended quarter on revenue of $630.9 million. Shares of Chipotle lost 2.7% to $419.26. U.S. Airways(LCC) said it has the backing of the three largest unions at American Airlines(AMR) for a merger and has also reached tentative contract agreements with the Tempe, Arizona-based carrier.
AMR is scheduled to go into bankruptcy court on Monday to abrogate its union contracts. The unions say that a deal with US Airways would mean "avoiding a lengthy and contentious 1113 process (so that) the new carrier would be able to emerge from bankruptcy more quickly."
Shares of US Airways finished lower by 1.8%.
London's FTSE gained 0.5% and Germany's DAX finished higher by 1.1% as March U.K. retail sales, published Friday, rose 1.8% versus an expected 0.5%, and the Ifo institute's April business climate index for Germany increased to a nine-month high with its sixth consecutive rise to 109.9.
Financial officials from the International Monetary Fund, World Bank and G20 are meeting met in Washington, D.C., Friday. Leaders from Russia and other developing nations said they're ready to help meet the International Monetary Fund's request for at least $400 billion to defend against flare-ups in the eurozone crisis , according to Reuters. Brazil is seeking increased voting before before it commits aid.
June oil futures added $1.16 to settle at $103.88 a barrel, while June gold futures edged up $1.40 to settle at $1,642.80 an ounce.
The benchmark 10-year Treasury was unchanged, with the yield at 1.97%, while the U.S. dollar index was lower by 0.5%.