The Nasdaq closed 40.68 points higher yesterday at 2116.36 having recorded its biggest monthly ga...
The Nasdaq closed 40.68 points higher yesterday at 2116.36 having recorded its biggest monthly gain in 10 years while the Dow Jones fell 75.08 to 10,734.97 and the Standard & Poor's 500 declined just 3.58 to 1249.47.
The US tech focused index continues to benefit from Friday's GDP report of strong economic growth when the index rallied. Cisco advanced $1.38 to 16.98, Juniper rose $4.01 to 59.03 and Ciena advanced $4.77 to 55.06.
Drug group Eli Lilly gained $2.24 to 85 when US magazine Barron's said it is to launch 10 new products in the next four years, which it hopes will take the place of its soon to expire patent of Prozac. Rival McKensson added $3.63 to 30.84 after increased revenue for the fourth quarter to the end of March.
Tech stocks didn't have all their own way yesterday. Oracle lost 99 cents to $16.16 and was the most actively traded stock in the US. General Electric declined $1.68 to 48.27 while its prospective merger partner Honeywell lost $1.07 to 48.88. Du Pont fell $1.03 to 45.19 and Wal-Mart lost $1.09 to 51.74.
In early trading the UK's benchmark index the FTSE 100 increased 15.50 to 5966.90 having gained 5.9% during April.
British Telecom led the Footsie higher on speculation it is to sell its stake in Japan Telecom and follows on from Sunday's news that incoming chairman Christopher Bland plans to dispose of Yellow Pages. BT rose 8p to 558p. Mobile phone telecom Vodafone added 1.5p to 212.25p.
In Asia Japan's Nikkei 225 gained 491.14 points to 14,425.69 to record its highest close since mid December. The Hang Seng is closed for Labour Day as are the markets in Singapore, Philippines, South Korea, Malaysia, Taiwan and Thailand.
In Australian the ASX200 fell 0.7 of a point to 3328.70 with Commonwealth Bank down 1.7% to A$28.35 and Westpac slipped 0.9% to A$12.96. Indonesia's Jakarta composite index rose 6.5 points to 364.8 with telecom PT Telekonikasi up 2% to 2450 rupiah.
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