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Wall Street up in late rally

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by Elaine Frei

Wall Street managed a rally late in the day on Wednesday that took the Dow Jones Industrial Average and the S&P 500 higher but left the Nasdaq Composite essentially unchanged on the day. The Dow gained 0.2 percent to 11,005.74 and the S&P was also up 0.2 percent, to 1,278.47. The Nasdaq closed at 2,267.46.

The New York Stock Exchange went public for the first time in its 213-year history and saw its shares rise 24.5 percent during the day to $80. Rival exchanges, however, were down on the day, with the Chicago Mercantile Exchange down 0.6 percent to $419.74 and the Chicago Board of Trade losing 2.9 percent to $118.04.

Auction house Sothebys was up 12.2 percent to $23.40, a five-year high close, on a report of higher earnings due to an active art market.

Google dropped 2.90 percent to $353.88 on a lowered share price target, down to $490 from $500, from Goldman Sachs which nevertheless reiterated its “buy” recommendation for the internet search engine. The lowered target came after Google told investors that they should ignore an internal financial forecast that was posted on the company’s website by mistake.

In other sectors, Altria, which makes Marlboro cigarettes, was up 1.2 percent to $72.65, while Proctor & Gamble was up 1.3 percent to $61.07.

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News posted: March 8, 2006

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