Nasdaq Hits a New 30-Month High
Updated from 4:03 p.m. EST
Stocks finished modestly higher Monday afternoon, with the Nasdaq setting a new 30-month closing high as investors grew optimistic ahead of major earnings reports from the technology sector due out later in the week.
The Dow rose 26.29 points, or 0.3%, to 10,485.18; the S&P 500 improved 5.37 points, or 0.5%, to 1127.23; and the Nasdaq climbed 24.86 points, or 1.2%, to 2111.78, after the three major indices sold off Friday on the heels of a weak employment report.
Volume on the New York Stock Exchange was 1.43 billion shares, while 2.21 billion shares changed hands on the Nasdaq. Advances beat decliners by about 3 to 2 on both exchanges."I think the upcoming earnings reports are encouraging investors," said Robert Basel, co-head of equity trading at Citigroup. In addition, "as investors analyze Friday's employment report from a longer-term perspective, they like what it means for the rate outlook."
Other MarketsMarkets overseas finished lower. London's FTSE 100 was off 0.4% at 4450, while Germany's Xetra DAX was down 0.5% at 3996. In Asia, Hong Kong's Hang Seng finished down 0.3% to 13,352. Japan's Nikkei is closed for a holiday. Meanwhile, the 10-year Treasury note fell 2/32, yielding 4.09%. The dollar was stronger vs. the Japanese yen and the euro, which recently touched $1.2746 vs. the U.S. currency. The euro weakened after European Central Bank President Jean-Claude Trichet expressed concern over the currency's rapid appreciation.
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