Nasdaq nears 5000 as oil weakness weighs on S&P 500

GMT 23:35 2015 Thursday ,26 February

Arab Today, arab today Nasdaq nears 5000 as oil weakness weighs on S&P 500

The Nasdaq powered closer
New York - AFP

The Nasdaq Thursday powered closer to 5,000 points while weakness in oil-linked equities kept the Dow and S&P 500 in the red.
The tech-rich Nasdaq Composite Index jumped 20.75 points (0.42 percent) 4,987.89.   
The Dow Jones Industrial Average slipped 10.15 (0.06 percent) to 18,124.42, while the broad-based S&P 500 shed 3.12 (0.15 percent) at 2,110.74.
Tech giant Apple gained 1.3 percent after it sent invitations for a March 9 event in San Francisco expected to launch the Apple Watch.
Other outperformers that helped lift Nasdaq near 5,000, a level not breached since the year 2000, included Google (+2.1 percent) and Tesla Motors (+1.7 percent).
Oil giant Chevron fell 1.4 percent and oil-services company Schlumberger lost 1.6 percent as crude prices fell sharply on worries about excess supplies.
Morgan Stanley fell 1.5 percent after announcing a settlement with the Justice Department to pay $2.6 billion to settle a probe into its marketing of mortgage-backed securities.
The investment bank trimmed its 2014 core earnings by $1.35 per share from the $2.96 per share previously reported in light of the settlement.
Avago Technologies, which makes semiconductors used in smartphones and other devices, jumped 14.7 percent on news that its first-quarter net income more than doubled to $351 million compared with the year-ago period.
L Brands, which owns the Victoria's Secret and Bath & Body Works retail chains, dropped 0.5 percent after it forecast earnings for the first quarter at 50-55 cents per share, lower than the 62 cents projected by Wall Street analysts., a provider of cloud computing services, leaped 11.7 percent as fourth-quarter revenue rose 26 percent to $1.44 billion. The company predicted revenue would rise 21-23 percent in the first quarter.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.03 percent from 1.96 percent, while the 30-year advanced to 2.63 percent from 2.57 percent. Bond prices and yields move inversely.


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