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Tuesday 02nd of December 2008
June 14, 2006

New York markets rise slightly in early trade


by Elaine Frei

Wall Street staged a slight recovery on Wednesday morning as investors paid less attention to concerns about inflation. By the middle of the session, the Dow Jones Industrial Average had added 0.6 percent to 10,764.73, while the Nasdaq Composite was up 0.5 percent to 2,082.01 and the S&P 500 gained 0.2 percent to 1,225.67.

With metals prices higher, miners took back some of their recent losses. Freeport McMoran and Newmont Mining each added 4 percent, to $45.50 and $49.58 respectively. Still in commodities related stocks, oil and related companies saw gains on the day. Halliburton was up 2.7 percent to $70.12, while Schlumberger gained 2.9 percent to $56.16 and Noble Corporation advanced by 3.8 percent to $65.16.

In semiconductors, upgrades from Goldman Sachs helped out both Intel and Advanced Micro Devices. AMD was up 3.2 percent to $25.18, while Intel gained 4 percent to $17.80 as it was advanced to “outperform”, from “inline”.

Also receiving an upgrade from Goldman Sachs, from “underperform” to “inline” was airplane manufacturer Boeing, which gained 5 percent to $80.74 after Airbus said it would have to delay delivery of its new A380 superjumbo jet.

Among stock exchange operators, NYSE Group was up 1.5 percent to $50.74, while Nasdaq added 4.9 percent to $25.48.

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