Finance Markets

January 11, 2007

Nasdaq adds 1.1 percent by noon

Permalink: Nasdaq adds 1.1 percent by noon

Filed under: Equities, Economy, US

The New York equities markets were higher at midday on Thursday, led by the Nasdaq Composite as it hit its highest mark in nearly six years. The Dow Jones Industrial Average was 0.7 percent higher to 12,526.59, while the S&P 500 added 0.8 percent to 1,425.69. The Nasdaq was up 1.1 percent, to 2,486.88.

In the internet sector, Yahoo added 2 percent to $29.27 and is up 14.6 so far in the new year. Ebay gained 3.1 percent to $30.21 on the news that it has bought sports ticket reseller StubHub for a cash price of $310 million.

Chipmaker Intel was up 1.9 percent to $21.92, going from the worst performer on the Dow in 2006 to its best so far in 2007, having gained 8.2 percent since the year began.

Apple Computer, however, was 0.7 percent lower to $96.28 after a gain of 13 percent since it announced its new iPhone product. The computer maker was hurt by a lawsuit filed by Cisco which claims that it, not Apple, owns the trademark on the name “iPhone”. Cisco added 1 percent to $28.97.

Despite crude oil prices that continue to decline, ExxonMobil added 1.5 percent to $72.08, but it has still dropped 5.7 percent since the beginning of the year.

In the pharmaceuticals sector, Genenetech was 4.3 percent higher to $87.36. The biotechnology company said that its earnings in the fourth quarter were at 61 cents per share, higher than predictions that it would post earnings of 56 cents per share.

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