Tech Leads Stock Surge
08/08/07 - 04:48 PM EDT
Robert Holmes
Investors were also absorbing more economic data. Shortly after the opening bell, the Commerce Department said wholesale inventories rose 0.6% in June. Economists expect a 0.4% rise, compared with 0.5% in May.
Treasury prices tumbled and finished lower. The 10-year note fell 22/32 in price, yielding 4.86%, and the 30-year bond lost 1 12/32, yielding 5.02%. Overseas markets were rallying after the Reserve Bank of Australia raised rates by a quarter-point to 6.5%, adding that recent credit market problems do not seem to have overflowed into the broader global outlook. London's FTSE was 1.4% higher, and Frankfurt's DAX was up 1.2%. Overnight in Asia, Tokyo's Nikkei gained 0.6%, and Hong Kong's Hang Seng jumped 2.9%.
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