Sun, Mar 03, 2002 - Page 10 News List

S&P 500 has big gain for the week

US EQUITIES The Standard & Poor's 500 surged 3.9 percent this week, following reports on factory activity, spending, durable-goods orders and economic growth

BLOOMBERG , NEW YORK

US stocks rallied after a report showed manufacturing expanded for the first time in a year and a half. Microsoft Corp and Intel Corp led the Standard & Poor's 500 Index to its biggest weekly advance in five months.

Novellus Systems Inc triggered gains in computer-related shares after it said sales may top estimates for the first quarter as demand for semiconductor equipment picks up.

"By the third quarter, earnings are going to be very good," said Marc Klee, who manages the US$1 billion John Hancock Technology Fund. His top holding is Micron Technology Inc, among Friday's biggest gainers in the S&P 500.

The S&P 500 rose 25.05, or 2.3 percent, to 1,131.78. The NASDAQ Composite Index rallied 71.25, or 4.1 percent, to 1,802.74.

The Dow Jones Industrial Average jumped 262.73, or 2.6 percent, to 10,368.86. Procter & Gamble Co and General Motors Corp helped push the index to its highest level in more than six months, and all 30 Dow members advanced.

For the week, the S&P 500 surged 3.9 percent, the biggest gain since the week ended Sept. 28. Government reports on factory activity, personal spending, durable-goods orders and economic growth, combined with comments from Federal Reserve Chairman Alan Greenspan, shored up confidence the rebound will revive profit growth.

The Dow climbed 4 percent while the NASDAQ advanced 4.5 percent, its first weekly gain in five.

Stocks rose today after the Institute for Supply Management said its index of manufacturing activity rose to 54.7 last month, from 49.9 in January. A number higher than 50 signals expansion.

Government reports showed consumer income and spending gained more than expected.

Some 1.4 billion shares traded on the New York Stock Exchange, 5.7 percent more than the three-month daily average. Two stocks rose for every one that fell on the Big Board and the NASDAQ Stock Market.

Major indexes

* The S&P 500 rose 25.05, or 2.3 percent, to 1,131.78 on Friday.

* The NASDAQ Composite Index rallied 71.25, or 4.1 percent, to 1,802.74.

* The Dow Jones Industrial Average jumped 262.73, or 2.6 percent, to 10,368.86.


Novellus rose US$5.97 to US$48.56 and has jumped 22 percent this week. Chief Executive Officer Richard Hill said the company may return to profitability in the second quarter as business improves in the US and Asia.

Intel, the biggest chipmaker, jumped US$2.43 to US$30.98. The Philadelphia Semiconductor Index rallied 11 percent, its biggest advance since April 18.

Integrated Device Technology Inc rose US$3.33 to US$28.90. The communications equipment chipmaker said it expects revenue in its fiscal fourth-quarter to rise 5 percent from the previous quarter, more than it had estimated in January.

Network Appliance Inc, which makes machines that store and deliver data on computer networks, was the biggest advancer in the S&P 500. It gained US$2.64 to US$18.63.

Microsoft, the largest software maker, surged US$3.03 to US$61.37.

General Motors rose US$1.99 to US$54.97. The largest automaker said sales rose more than expected in February as discounts and new models boosted truck demand. Rival Ford Motor Co, whose sales fell 12 percent, rose US$0.76 to US$15.64.

Procter & Gamble, the biggest consumer products maker, advanced US$2.76 to US$87.55.

Interpublic Group of Cos gained US$3.80 to US$31. The largest advertising agency said it has seen a ``marked increase'' in business since the fourth quarter.

Andrx Group was the NASDAQ 100 Index's biggest gainer, advancing US$8.46, or 25 percent, to US$41.91.

The company may introduce a generic copy of GlaxoSmithKline Plc's Wellbutrin antidepressant as early as mid-year after a judge threw out a patent-infringement lawsuit.

This story has been viewed 2086 times.
TOP top