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Tuesday 02nd of December 2008
June 21, 2006

Wall Street gains at mid-session


by Elaine Frei

Wall Street was higher at mid-session on Wednesday, with the Dow Jones Industrial Average up 1.2 percent to 11,102.19. The Nasdaq composite had added 1.7 percent to 2,141.75, while the S&P 500 gained 1.1 percent to 1,253.63. The number of shares traded stayed fairly low, which is a problem according to some analysts, who would like to see more shares change hands before considering the markets to be in recovery from recent losses.

Homebuilders saw advances. Toll Brothers was up 2.6 percent to $26.73, while Kaufman & Broad added 2.9 percent to $45.34 and Pulte gained 3.8 percent to $28.25.

Many technology stocks were higher as well. Cisco Systems was up 2.8 percent to $20.29, Hewlett-Packard added 3.2 percent to $33.92, and Amazon gained 3.7 percent to $36.49. However, Jabil Circuit dropped 3 percent to $25.45 ahead of a scheduled earnings report.

The New York Times added 4.7 percent to $24.52 after it said that it was looking at strategies for increasing the amount of for-pay content on its online service.

Darden Restaurants, which owns Olive Garden and Red Lobster, saw a gain of 5.5 percent to $37.52 on the news that its fourth-quarter profits were up by 10 percent, around what had been predicted.

Also reporting fourth-quarter earnings was Federal Express. The parcel service said its fourth-quarter earnings were well ahead of analyst predictions, adding 27 percent. Its share price gained 4.7 percent on the day to $113.14.

Univision, the Spanish-language broadcaster, dropped 4.1 percent to $33.96 after one potential bidder missed a Tuesday deadline to submit an offer.

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