Updated from 4:10 p.m. EST
Blue-chips ended with a triple-digit gain Monday as encouraging earnings news continued to provide a spark on Wall Street. Tech stocks were also higher with strength coming from semiconductors.
Dow Jones Industrial Average with a gain of 140.54 points, or 1.4%, to 9884.78, while the
Nasdaq was up 27.78 points, or 1.5%, to 1846.66. The
S&P 500 added 15.72 points, or 1.4%, to 1111.94.
Chipmakers turned in a strong performance Monday with the
Philadelphia Stock Exchange Semiconductor Index
up 3.8%. Leading the charge was
, whose shares gained $2.70, or 7.7%, to $37.60.
were heavily traded following its announcement Friday that the first quarter should
signal the bottom for its business. Shares of the fiber-optic cable manufacturer climbed 73 cents, or 9.7%, to $8.25.
said sales in its media and communications businesses rose 9% to 28.9 billion euros, or about $25 billion, in 2001 because of the success of several movies and consistent gains across its various product lines. Including its 63%-owned utility company, revenue rose 10% to 58.2 billion euros. The stock added $1.51, or 3.7%, to $42.91.
was climbing after the package delivery company said quarterly earnings may come in ahead of the consensus estimate because of strong unit growth at its ground shipping segment and cost restraints at its air cargo outfit. Shares of FedEx climbed $1.73, or 3.2%, to $55.13.
posted a fourth-quarter loss of $306.4 million, or $1.04 per share, narrower than Wall Street's expectations. Revenue for the quarter rose 13% to $1.11 billion. Operating cash flow rose 11% in the fourth quarter on strong subscriber growth, and the company expects operating cash flow growth of 11% to 13% and revenue growth of 12% to 14% for 2002. Charter's shares tacked on 10 cents, or 0.9%, to $11.35.
was dropping after the company said it received a subpoena from the
Securities and Exchange Commission
regarding official documents on bankrupt telecom firm
. Qwest's shares fell 24 cents, or 2.5%, to $9.36.
was on the move after the biotech company received word from the Food and Drug Administration that its Remodulin drug has been tentatively approved for the treatment of pulmonary arterial hypertension. Shares of United jumped $1.66, or 17.6%, to $11.10.
made strides Monday, trading up $3.82, or 10.2%, to $41.28, after one of the company's executives defended the wireless technology developer's accounting practices.
saw its shares jump after the company's Clarinex drug was approved to treat hives and general allergies along with its previous use for treating seasonal allergies. Shares of the drugmaker rose $1.83, or 5.7%, to $34.10.
As is often the case, Treasuries were dropping as equities gained ground. Around 4 p.m. EST, the 10-year note was down 6/32 to 99 25/32, yielding 4.90%.
Overseas, stocks were lower with London's FTSE 100 gaining 0.7% to 5162 and Germany's Xetra Dax up 2.2% to 4940. Stock markets across much of Asia were closed for a holiday.