U.S.
stocks rose, with the Nasdaq 100 Index rallying as gains from Apple
Inc. to Netflix Inc. helped offset concerns that global growth is
slowing.
Yahoo!
Inc., Micron Technology Inc. and Apple jumped more than 2.3 percent to
lead technology shares. Netflix surged 3.4 percent before reporting
results. Delta Air Lines Inc. climbed 7.3 percent after earnings beat
projections. Johnson & Johnson tumbled 2.6 percent after forecasting
lower earnings in 2015 as competition cuts into revenue for some of its
best-selling drugs. A gauge of homebuilders retreated 3 percent, after
plunging almost 7 percent last week.
The
Standard & Poor™s 500 Index gained 0.2 percent to 2,022.53 at 4
p.m. in New York, after an earlier decline of 0.7 percent. The Dow Jones
Industrial Average added 4.5 points, or less than 0.1 percent, to
17,516.07. The Nasdaq 100 Index gained 0.7 percent. Trading in S&P
500 companies was 19 percent above the 30-day average for this time of
the day. U.S. exchanges were closed yesterday for Martin Luther King
Day.
The
S&P 500 slipped 1.2 percent last week, even with a 1.3 percent
rally on Friday, as falling oil, shrinking earnings estimates and
concern that slowing global growth will hurt the U.S. economy led to
selling. The index is down 1.8 percent for the year.
Source: Bloomberg
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