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Tuesday 02nd of December 2008
June 15, 2006

Nasdaq up 1.7 percent at midday


by Elaine Frei

Investors seemed to ignore data on inflation to send New York equities markets higher at the mid-point of the day on Thursday. The Dow Jones Industrial Average had added 0.8 percent to 10,905.22, while the Nasdaq Composite was up 1.7 percent to 2,120.64 and the S&P 500 gained 1 percent to 1,242.29.

Banks saw gains. Goldman Sachs was up 2.7 percent to $142.26, Lehman Brothers gained 2.9 percent to $62.68, and Bear Stearns added 3.4 percent to $128.37 on a report that profits were up 81 percent in the second quarter.

With crude oil prices rising again, ConocoPhillips gained 2.3 percent to $60.81, while Anadarko Petroleum advanced by 4 percent to $47.25. Ethanol producer Verasun Energy, however, which made its trading debut Wednesday with a gain of 30 percent, dropped 9.7 percent to $27.10.

Stock exchange operators saw gains on the day. Nasdaq was up 6 percent to $26.63, while NYSE Group gained 7.1 percent to $54.50.

Construction machinery manufacturer Caterpillar added 3.9 percent to $70.11 on the news that its quarterly dividend will go up by 20 percent.

In the semiconductor sector, upgrades from “neutral” to “buy” sent both Nvidia and Sandisk higher. Sandisk gained 5 percent to $53.07, while Nvidia was up 7 percent to $21.87.

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Story link: Nasdaq up 1.7 percent at midday


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