The
Nasdaq Composite Index rose above 5,000, approaching its all-time high
as Netflix Inc. led a rally in Internet stocks while investors awaited
this week’s corporate earnings reports.
Netflix
added 6.3 percent after an analyst upgrade, and Facebook Inc. increased
1.9 percent as the Nasdaq Internet Index rose to its highest level in
more than a month. Gilead Sciences Inc. gained more than 1.2 percent as a
gauge of biotechnology stocks climbed.
The
Nasdaq Composite rose 0.4 percent to 5,013.47 at 12:23 p.m. in New York
to climb back within 0.7 percent of its March 2000 high. The S&P
500 was little changed at 2,102.06 after erasing earlier gains of as
much as 0.3 percent. The Dow Jones Industrial Average gained 6.72
points, or less than 0.1 percent to 18,064.37.
The
Nasdaq Composite last month closed above above 5,000 three times, its
first forays past that level since March 2000. It stalled within seven
points of its dot-com-era record on March 20, before dropping 2.5
percent to the end of the month. It has rebounded 2.3 percent in April
after posting its ninth consecutive quarterly gain, its longest streak
ever.
Source : Bloomberg
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