Retail, tech lead New York markets higher

| February 27, 2006 | 0 Comments

The New York equities markets were up in midday trade on Monday after losses on Thursday and Friday of last week. The Dow Jones Industrial Average had risen by 0.5 percent to 11,118.60 by the middle of the session, while the Nasdaq composite was up 1 percent to 2,308.84 and the S&P 500 was up 0.5 percent to 1,295.45.

The retail sector helped buoy the S&P, with home improvement retailers Lowe’s and Home Depot both up even though data showed new home sales down sharply. Lowe’s gained 4.5 percent to $68.45 on its report of a 37 percent increase in profits in the fourth quarter, while Home Depot gained 1.2 percent to $42.11.

Technology stocks aided the Nasdaq in its gains. Intel gained 1.7 percent to $20.68 on an upgrade to “outperform” from “market perform” on the expected success of several pending product introductions. Intel’s rival, Advanced Micro Device, was up 0.9 percent to $40.89.

Walt Disney and Apple both saw gains as rumors spread that Apple might bid for Disney after Apple founder Steve Jobs succeeds in becoming Disney’s top shareholder. Disney was up 1.3 percent to $28.33 and Apple added 0.6 percent to $71.86.

In the utilities sector, Texas Utilities was up 3.7 percent to $51.59 on word that General Electric might buy into the company. GE, which also announced that it will sell its stake in Genworth Financial, was up 0.3 percent to $33.25.

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