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
On 22 of June this year, the board of the newly established company of AB Bank SNORAS - UAB “SNORO Media Investicijos” - made a decision to invest in the shares of UAB “Lietuvos rytas” and to acquire 34 per cent of the authorised capital of the company.
more »
The Banker's Exchange is joining forces with Chicago-based Intergam Logistics as part of a global expansion initiative into the ATM support market.
more »
Lisbon treaty and financial supervision dominate debate at EU summit.
more »
In the most sweeping financial reform proposal since the Great Depression, President Barack Obama unveiled plans to overhaul the U.S. financial regulatory system, saying the events that led to the U.S. financial crisis make the proposed changes necessary.
more »
Due to the rising concerns on a possible disruption of Russian gas supplies to Europe coming through Ukraine, the Commission has chaired a meeting of the Gas Coordination Group to assure a stronger EU coordination and to secure energy supplies to European citizens.
more »
Mexico signs an agreement with Google to help revive tourism at its historical sites, after the swine flu epidemic.
more »
The recession could hit working women harder than men, an EU study warns, underscoring persistent disparities between the sexes in the European labour market.
more »
The first 4 months of 2009 saw 25 percent more FBI background checks on prospective firearm buyers compared to the same period last year in US.
more »
AS “Latvijas Krājbanka”, managed by AB Bank SNORAS, was presented with the annual prize of Deutsche Bank AG, one of the largest European banks, for the excellent quality of the outgoing payments.
more »
Danske Bankas has made another increase in the interest rate for fixed-term deposits in litas for both private and corporate clients.
more »