Thursday November 5, 04:33 PM
US STOCKS-Tech shares lift Wall St; Cisco up after results
By Angela Moon
NEW YORK, Nov 5 (Reuters) - U.S. stocks jumped on Thursday
after strong results from Cisco lifted technology stocks, and
an expansion in business productivity and a fall in jobless
claims encouraged investors about the
economy.
Technology bellwether Cisco shares shot up 2.5
percent to $23.87 after the company reported earnings after
the bell on Wednesday. Its quarterly revenue rose more than
expected, and its board authorized up to $10 billion in stock
buybacks. For details, see
U.S. non-farm productivity rose more than expected in the
third quarter as companies squeezed more output from a smaller
pool of labor, while fewer U.S. workers filed new jobless
insurance claims than forecast last week -- hitting a 10-month
low.
'Cisco results are being taken seriously by Wall Street
and it has confirmed the strong upward trend ... their
positive outlook and good access to the global environment is
helping the overall market,' said Brad Sorensen, director of
market analysis at the Schwab Center for Financial Research.
The Dow Jones industrial average ran up 181.98
points, or 1.86 percent, at 9,984.12. The Standard & Poor's
500 Index was up 17.31 points, or 1.65 percent, at
1,063.81. The Nasdaq Composite Index was up 46.35
points, or 2.25 percent, at 2,101.87.
Other technology stocks also advanced. Intel Corp (NASDAQ: INTC - news)
gained 2 percent to $18.96 and Microsoft (NASDAQ: MSFT - news) rose 2.1
percent to $28.66.
Shares of IMS Health Inc (NYSE: RX - news) soared 23.8 percent to
$20.81 after the company agreed to be bought by TPG and CPP
Investment board. The deal was valued at $5.2 billion,
including the assumption of debt.
But CVS Caremark Corp tumbled 20.4 percent to
$28.76 after comments from Chief Executive Tom Ryan on
weakness in the pharmacy benefit management business.
U.S. retail chains reported October sales that rebounded
from the lows of a year ago, but many failed to surpass Wall
Street's increased expectations as consumers spend selectively
headed into the holiday season. The S&P retail index
rose 1.9 percent.
(Reporting by Angela Moon, Editing by Jan Paschal)
============================================================== To access running updates on what's moving U.S. stocks double click on ============================================================== For other U.S. market data and news, click on codes in brackets: U.S. Equities speed guide........................ S&P 500 index ........................................ Dow Jones industrial average.......................... Nasdaq Composite (NASDAQ: news) index............................... Nasdaq 100 (NASDAQ: news) ............................................ Russell 2000 small cap................................ S&P major sectors.............................. NYSE most active..................................... Nasdaq most active................................... Top NYSE pct gainers................................. Top NYSE pct losers.................................. Top Nasdaq pct gainers............................... Top Nasdaq pct losers................................ 52 week highs: NYSE............... Nasdaq.............. 52 week lows: NYSE............... Nasdaq.............. Main global stock indexes and market reports: FTSE Eurotop 300 ..... European report ....... Nikkei 225 (news) ............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... U.S. IPO (IPOA.NX - news) diary........................................ U.S. Asset Allocation Table....................... More Reuters News on equities at a glance: Equities ............ US company news......... Key (NYSE: KEY - news) non-equities market reports: Foreign exchange...................................... Oil.................................................... US Treasuries......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS STOCKS =2
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
