Wall Street Finishes Higher Led by Techs
Stocks increased for 5th day as investors have been picking up shares that have been beaten-down recently and those belonging to big technology companies. The market participants were also encouraged by indications of progress during talks regarding sanctioning aid to the debt-saddled country of Greece and got stacked in retail shares of U.S. as the holiday shopping time got under way by Black Friday.
The trading of stock market in U.S. finished early and got shut on Thursday due to Thanksgiving holiday, which had a big impact over the subsequent days, not to mention the impact of Black Friday and Cyber Monday. Volume was least in the year, although the session remained abbreviated. Shares of large technology firms jumped as the investors took good advantage of the upward momentum of the day to add further to positions, thus helping S&P 500 reach its 2nd best week in 2012.
Todd Salamone, research director at Schaeffer’s Investment Research in Cincinnati, Ohio said that anyone who was on sidelines looking for pullback of the kind we just witnessed in some big tech firms, they are waiting for any sign of encouraging price action for a chance to get into those stocks. Microsoft (MSFT) helped in lifting Nasdaq, gaining 2.8% to reach $27.70. Apple Inc (AAPL) increased 1.7% to reach $571.50.
From the middle of September all the way to middle of November, the tech sector of S&P (.GSPT) lost around 13% as the bigger market also plunged. Research in Motion (RIMM) increased on optimism surrounding the BlackBerry 10 series models that it will soon be launching. These devices will rival against smartphones based on Android and iPhone from Apple (AAPL). RIM went up 13.6% at $11.66.
Greece stated that IMF had cut down its target of debt-cutting for the nation, suggesting the lenders were very close to one of the deals for an important aid to be given. But few other sources that were also a part of the talks strongly suggested that the gap of funding was much bigger than what Greece suggested earlier. The finance ministers of euro zone, European Central Bank and IMF earlier in this week couldn’t manage to agree on something common regarding how to bring the country’s debt situation to a comprehensive level and they will get into a yet another attempt at fixing the country’s issue on coming Monday.
The industrial average of Dow Jones (DJI) gained 172.79 points, or 1.35%, to reach 13,009.68. The Standard & Poor’s 500 Index (GSPC) increased 18.12 points, or 1.20% to reach 1,409.15. The NASDAQ Composite Index (IXIC) gained 40.30 points, or 1.38% to reach 2,966.85.