New York: As stocks rose Tuesday, 4 September, on increasing expectations for an interest-rate cut, Yahoo’s stand-out status caused a surge, Apple advanced on lofty expectations and Monsanto reeled in a record.
The Dow Jones Industrial Average rose 91.12, or 0.68%, to 13,448.86, its highest close in nearly a month, as 24 of 30 members advanced.
The tech-heavy Nasdaq Composite Index gained 33.88, or 1.3%, to 2,630.24, its highest close in more than five weeks. The Nasdaq has now risen four sessions in a row, for a 5.2% advance.
The Standard & Poor’s 500 Index gained 15.43, or 1%, to 1,489.42, its highest close since 8 August. The New York Stock Exchange Composite Index rose 101.70, or 1.1%, to 9,698.68.
The Institute for Supply Management’s manufacturing activity survey for August and minutes from the Federal Reserve directors “indicated some deceleration in the economy, but they didn’t show it slowing dramatically,” said Brian Rauscher, director of portfolio strategy at Brown Brothers Harriman.
“The data were Fed friendly, and therefore market friendly.”
Yahoo (Nasdaq) rose 1.24, or 5.5%, to 23.97, its biggest point and percentage gain in four months. Bear Stearns named the We bsearch giant’s stock its “top pick” for the next 12 to 16 months, saying shares present an attractive risk/reward scenario for investors willing to wait for growth initiatives to deliver positive results.
Apple (Nasdaq) added 5.68, or 4.1%, to 144.16, its best close in more than five weeks. Shares advanced amid reports that Piper Jaffray had raised its price target on Apple to $211, among the highest, if not the highest, projection on Wall Street.
Anticipation was also building for the consumer-electronic product maker’s planned meeting on Wednesday, where new versions or upgrades are hoped to be introduced for key products like the iPod digital music player.
Monsanto gained 1.70, or 2.4%, to 71.44, a record closing high. The agricultural company received Argentina’s first-ever approval to plant corn that is treated to repel insects and weeds. Volume on the New York Stock Exchange was 1.37 billion shares.
Up volume exceeded down by 1.07 billion to 291 million and stocks that rose in value exceeded those that fell by 2,337 to 994.