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 EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »