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Nightly Business Report - Friday May 17 2013

Nightly Business Report - Friday May 17 2013

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Tonight on Nightly Business Report, the fireworks were in Washington where lawmakers grilled IRS officials about the targeting of conservative groups. But did we get any answers?
And, NBR will tell you about a stock that’s up 300% over the past three years and why it’s been quite a ride for investors.
Tonight on Nightly Business Report, the fireworks were in Washington where lawmakers grilled IRS officials about the targeting of conservative groups. But did we get any answers?
And, NBR will tell you about a stock that’s up 300% over the past three years and why it’s been quite a ride for investors.

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Published by: Nightly Business Report by CNBC on May 20, 2013
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 <Show: NIGHTLY BUSINESS REPORT><Date: May 17, 2013><Time: 18:30:00><Tran: 051701cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for May 17, 2013, PBS><Sect: News; Domestic><Byline: Susie Gharib, Tyler Mathisen, Bob Pisani, Eamon Javers, Mary Thompson, DianaOlick, Jackie DeAngelis, Julia Boorstin><Guest: Howard Ward><Spec: IRS; Congress; Government; Policies; Politics; Business; Economy; Stock Markets; SixFlags; Entertainment><Time: 18:30:00>ANNOUNCER: This is on NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib, brought to you by --(COMMERCIAL AD)TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Taxing hearing.Denials, apologies and heated exchanges between IRS officials and lawmakersat today`s hearing on Capitol Hill. But did we get any answers?
 
 SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: What a finish. Another record for stocks, logging four straight weeks of gains. But are thingsabout to get volatile for investors?MATHISEN: And speaking of volatility, Six Flags has climbed to greatheights and fallen to great depths. And in the end, it made the ultimatecomeback.All that and more tonight on NIGHTLY BUSINESS REPORT for Friday, May17th.GHARIB: Good evening, everyone.Our top story tonight, another banner week for the stock market andnew record closes for the Dow and the S&P 500, and it was a stunning rally.Eight blue chips hit all-time highs. More than 140 stocks in the S&Pclosed at all-time highs.And strategist at JPMorgan (NYSE:JPM) added to the optimism by raisingtheir year end price target on the S&P to 1,750. Now, if they are right,the S&P would finish 2013 with a gain of 20 percent.Here`s a look at today`s closing numbers. The Dow surged to 121 points, to 15,354. As we said, a new record. The S&P added 15 points to
 
1,666, and the NASDAQ jumped at 33 points.Bob Pisani takes a closer look at this record-setting week on WallStreet.(BEGIN VIDEOTAPE)BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Another day,another record. The Dow closed at another historic high. In fact, all themajor indices except for the NASDAQ closed at historic highs, including themid-cap and small-cap indices. There was help early on in a form of  better-than-expected read on consumer sentiment in May. This was the first positive data point we`d all week after disappointing numbers on housingstarts and industrial production.Cyclical stocks have been leaders for the past couple of weeks -- onceagain, energy, materials, industrial, and tech sectors all rose for theweek. But the rally broadens out to even defensive groups, like healthcare, were up 1.8 percent for the week.The other major story for the week was the continuing strength in thedollar which hurt gold and silver. For the week, Dow up about 1 1/2 percent.For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock 

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