Powered by Blogger.

US tech stocks jump

US shares pushed higher Tuesday after Microsoft's $8.5 billion deal to buy Skype gave a strong bump to tech stocks.

The Dow Jones Industrial Average closed up 75.68 points (0.60 per cent) at 12,760.36 in closing trade.

The broader S&P 500 index gained 10.87 (0.81 per cent) at 1,357.16, while the tech-heavy Nasdaq Composite rose 28.64 points (1.01 per cent) to 2,871.89.

Markets also
got a boost from Chinese trade data showing the export sector in the world's second largest economy was powering ahead despite government efforts to cool overall growth.

Microsoft announced it is buying Internet phone pioneer Skype from investor group Silver Lake for $8.5 billion dollars cash, the Windows creator's largest-ever acquisition.

Microsoft shares lost 0.6 per cent on the news, but shares of eBay, which owns 30 per cent of Skype, jumped 2.5 per cent.

Nasdaq's jump was driven by a 1.1 per cent in Cisco and a 1.2 per cent rise in Intel shares. Dell also picked up 1.4 per cent.

Meanwhile US shares in Chinese social network leader Renren lost 8.0 per cent to $14.75, just above their week-earlier IPO price of $14.

Boston Scientific led losers on the NYSE, dropping nine per cent, after its chief executive of two years, Ray Elliott, said he would retire in December.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.20 per cent from 3.14 percent late Monday, while that on the 30-year bond rose to 4.33 per cent from 4.30 per cent.

12:39 | |

This entry was posted on 12:39 You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

 

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)
Blogger Tips and TricksLatest Tips And TricksBlogger Tricks
1 Share/Bookmark

Labels

Blogger Tips and TricksLatest Tips And TricksBlogger Tricks