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
The EU should act in a united fashion to tackle the financial market crisis, and Member States should avoid unilateral steps which cause problems for their neighbours, according to most of the MEPs taking part in the debate on next week's EU summit and the financial turmoil.
more »
Following the decision by the Economic and Financial Affairs Council (ECOFIN), the Government of Lithuania raises deposit guarantee protection for individuals from EUR 22,000 up to EUR100,000, demonstrating the credibility of Lithuanian finance sector and safety of deposits at financial institutions.
more »
As banks tumble like bowling pins and confidence plummets, Thursday sees MEPs consider whether to back wider financial regulation.
more »
On 6 October, the Embassy of Latvia to Lithuania received a reply to the note of Latvian Ministry of Foreign Affairs regarding the ruling of Vilnius District Court pertaining to the Latvian company airBaltic and Riga’s airport on the basis of the request of the Lithuanian company flyLAL.
more »
Lithianian Development Agency in cooperation with the Lithuanian Embassy to the United Kingdom of Great Britain and Northern Ireland as well as Alro Group, a real estate investment consultant, based in London, present “The Lithuanian Economic Forum” which will take place on October 8 in London.
more »
Italian Prime Minister Silvio Berlusconi thinks that the closedown of Ignalina NPP might be postponed and affirmed this opinion to Lithuanian Prime Minister Gediminas Kirkilas who is presently on a working visit to Rome.
more »
Open Collaboration Portfolio Integrates Cisco Unified Communications, Cisco TelePresence and Cisco WebEx.
more »
Wincor Nixdorf's portfolio of software solutions for the branch business of postal services providers, PC/E Postal Solution Suite, has been newly structured and expanded to include additional functionalities.
more »
Session to Focus on How Enterprises Can Proactively Reduce Risk.
more »
The revised GDP growth rate in II quarter 2008 equalled 5.2 per cent.
more »