U.S. stocks rose Monday, led by software, biotechnology, and retail shares.
Published:
2 May 2000 y., Tuesday
U.S. stocks rose Monday, led by software, biotechnology, and retail shares, as investors bet that earnings at companies in both the "new economy" and some traditional sectors will continue to grow even if interest rates are jacked up. Economists expect the Federal Reserve to boost interest rates by at least a quarter of a percentage point and by as much as half a percentage point at its May 16 meeting following the release of a series of economic reports showing that inflation may be accelerating.
The technology-dominated Nasdaq market also got a boost from Microsoft (MSFT), which rose 3-11/16 to 73-7/16, on indications that Friday's news of the U.S. government's bid to break up the software giant was already discounted by investors. Microsoft is one of the top weighted stocks in the Nasdaq composite index. The Nasdaq Composite Index climbed 97.44 points, or 2.52 percent, to 3,958.10. The Nasdaq's strength came mainly from its software, biotechnology, and computer networking names.
"Technology stocks rallied in the face of unfriendly economic numbers last week so there seems to be some momentum continuing here," said Bill Meehan, chief market analyst at Cantor Fitzgerald. "It seems like the Microsoft news on Friday removed some of the uncertainty."
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
AB Bank SNORAS, being the patron of the “Partnership Leader” nomination of the International trading palace ICC Lietuva (hereinafter - ICC Lietuva), this year initiated a special prize - “Business Ambassador”.
more »
Tremont Capital Group, an ATM-industry consultancy that works closely with the ATM Industry Association, has released its 2009 ATM Industry Fact Sheet, which summarizes the history and current state of the ATM industry.
more »
The renowned magazine “Global Finance” has named the UniCredit Group as the “Best Trade Finance Provider 2009” in CEE, Austria and Poland as well as “Best Bank for Payments & Collections in CEE 2009”.
more »
AB Bank SNORAS group, which comprises AB Bank SNORAS, AB “Latvijas Krājbanka” operating in Latvia and 19 other companies, during last year, according to unaudited data, earned LTL 41.7 million profit.
more »
At a meeting this week, Nils Melngailis, the Chairman of Parex banka, and Alex M Furber, American Express Vice President in Central and Eastern Europe, agreed to explore further options for co-operation.
more »
The country’s residents wish to have a clear understanding of financial services they use and are ready to make their final decision only when the advantages or disadvantages of each option is evident to them.
more »
Thales UK`s naval business recently announced the signature of an important sub-contract with Swedish company Polyamp AB for the supply of mine warfare degaussing systems for its new Lithuanian warship reactivation programme.
more »
Hundreds of anxious depositors are rushing to pull out their money from banks affiliated with the Texas billionaire Allen Stanford accused of fraud.
more »
VAT cuts for things like household repairs, care services, audio books and beauty treatments are likely to be backed by MEPs on Thursday.
more »
MEPs are calling for tough new measures to be taken against whaling.
more »