New York equities markets rise ahead of holiday
by Elaine Frei
Stocks were up but trade was light at midday in New York on Monday ahead of the Independence Day holiday coming up on Tuesday. The Dow Jones Industrial Average, the Nasdaq Composite and the S&P 500 were each 0.7 percent higher at mid-session. The Dow had gained 77.32 points to 11,227.54, while the Nasdaq was up 14.44 points to 2,186.53 and the S&P added 9.31 points to 1,279.51.
Technology stocks saw gains. Hewlett Packard was up 2.8 percent to $32.58 after it agreed to include a port technology in its laptops that would let those machines use multiple peripheral devices. Computer Sciences Corporation recovered some of its 13 percent loss on Friday, gaining 4.3 percent to $50.65. The losses last week came when CSS said it was no longer interested in mergers.
The oil sector was up as crude oil prices went higher. ConocoPhillips added 2.2 percent to $66.98, while Anadarko Petroleum gained 2.5 percent to $48.88.
Miners also were higher. Alcoa was up 2.9 percent to $33.29 on talk that it could be the target of takeover activity, while Newmont Mining gained 4.4 percent to $55.26 and Freeport McMoran advanced by 4.7 percent to $58.01.
In the retail sector, Wal-Mart dropped 1.3 percent to $47.53 on the announcement that June sales would only make the lower end of expectations. Home decorating retailer Michaels, however, added 2 percent to $42.08 on the announcement that it will sell to two private equity groups for over $6 billion.
The automobile manufacturing sector saw declines. Despite early gains, General Motors was down by 0.6 percent at mid-session to $29.60 as Renault and Nissan said they would talk about extending their partnership to include GM, as had been suggested last week by Kirk Kerkorian, the largest single shareholder in the US carmaker. Ford fell 3.3 percent to $6.70 when it said it would achieve its intention of making 250,000 hybrid cars per year by 2010.
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