Nasdaq Breaks 15-12 months Excessive
NEW YORK, April 23 (Reuters) – U.S. stocks rose on Thursday, with the Nasdaq index hitting a document closing high, as corporate earnings and a rise in vitality shares overshadowed mushy U.S. economic knowledge, whereas oil prices climbed to the very best ranges of the yr.
The positive aspects pushed the Nasdaq above a record set in March 2000, the top of the dot-com boom. The index is up 353 percent from its October 2002 low after the technology bubble burst.
“It has the potential to go up, absent some exterior event that I can not predict.” mentioned Walter Value, senior portfolio manager and managing director of the AllianzGI Global Expertise fund in San Francisco. “Corporations look as though they must power by this environment.”
In 2000, “a number of the high-development companies were promoting natural gas spot price at the henry hub terminal in louisiana at 200 or 300 occasions subsequent yr’s earnings,” he added. “This is nothing like that. This is an entire totally different world versus 2000.”
A rise in oil costs helped carry power shares zero.6 %. Robust earnings from AT&T, up 4.2 percent to $34.23, and natural gas spot price at the henry hub terminal in louisiana eBay, up three.8 percent to $58.89, helped offset lackluster U.S. economic knowledge.
Brent crude touched a excessive of $sixty five.58, its highest since December, and settled up three.4 p.c at $64.Eighty five a barrel. U.S. crude settled up 2.8 % at $57.Seventy four after Saudi Arabia and its allies continued a bombing blitz in Yemen that raised considerations about the security of Middle East oil supplies.
The Dow Jones industrial average rose 20.42 factors, or zero.Eleven p.c, to 18,058.Sixty nine, the S&P 500 gained four.Ninety seven factors, or zero.24 percent, to 2,112.Ninety three and the Nasdaq Composite added 20.89 points, or 0.41 p.c, to 5,056.06.
European shares slipped, with Germany’s DAX index underperforming following a disappointing buying managers’ survey, whereas weak outcomes from Ericsson hit know-how stocks.
Overall, euro zone non-public-sector enterprise development was weaker than forecast, regardless of help for exporters from a giant fall within the euro and the March launch of a sovereign bond-buying program by the European Central Financial institution.
MSCI’s all-nation world index of fairness performance in forty six international locations superior zero.Forty two %, while the FTSEurofirst 300 index of high European shares closed down zero.Forty six % at Esterification Reactor 1,620.Eighty two. Germany’s DAX dropped 1.2 percent.
U.S. Treasuries yields have been little modified, hovering close to 3-1/2 week highs after a broad promote-off in Treasuries, German Bunds and British Gilts on Wednesday.
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