🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

US STOCKS-Wall St rises on Microsoft and bets on economy

Published 06/19/2009, 12:17 PM
Updated 06/19/2009, 12:25 PM
NDX
-
T
-
MMM
-
SOWGn
-

* Goldman Sachs adds Microsoft to "conviction buy" list

* IMF may lift global growth forecast

* Dow up 0.3 pct, S&P 500 up 0.6 pct, Nasdaq up 1.3 pct (Updates to midday, changes byline)

By Rodrigo Campos

NEW YORK, June 19 (Reuters) - U.S. stocks rose on Friday as Microsoft lifted technology shares following positive comments from Goldman Sachs, and bets on a recovering global economy eased investors' recent concerns.

Microsoft jumped 2.8 percent to $24.15 after Goldman Sachs added shares of the world's largest software company to its Americas "conviction buy" list and said new products, combined with an increase in information technology spending, should underpin growth.

"It is a big move for a big company like Microsoft, (which) can pull both software and hardware," said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

"I think the Goldman Sachs report is buoying the sector across the board."

Microsoft was a top gainer in both the Dow industrials and the Nasdaq. The S&P information technology sector rose 1.3 percent.

On the macro front, the International Monetary Fund underscored the sense of improving economic fundamentals after a top officer said the IMF may lift its 2010 growth forecast for the world economy amid signs the decline in global output was moderating.

Shares in the consumer discretionary, industrial and financial sectors rose, with bellwether 3M Co up 0.7 percent at $59.71.

The Dow Jones industrial average gained 24.19 points, or 0.28 percent, to 8,579.79. The Standard & Poor's 500 Index added 5.45 points, or 0.59 percent, to 923.82. The Nasdaq Composite Index rose 24.11 points, or 1.33 percent, to 1,831.83.

After gaining as much as 40 percent from a 12-year closing low in early March, the S&P 500 has retreated as investors reassessed the potential strength of an economic recovery.

"I think the market was due for a pullback, but maybe people think we've pulled back enough," OakBrook's Sampson said.

Apple Inc gave the top boost to the Nasdaq 100, up 1.7 percent at $138.21 on the same day that its latest iPhone hit stores. Separately, AT&T Inc said it had sold hundreds of thousands of Apple's newest mobile phone in pre-orders. (Editing by Jan Paschal)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.