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US Stocks Rise on Data and Internet Companies
30 December 2004Amazon climbed 6 percent to $44.80 after Bear Stearns upgraded the company, which said on Monday it logged its busiest holiday shopping season this year.
Shares of other Internet companies were also up. EBay Inc. (Nasdaq:EBAY - news) rose 1.6 percent to $114.65 and Yahoo Inc. (Nasdaq:YHOO - news) gained 9 cents to $37.83.
The Dow Jones industrial average (^DJI - news) was up 63.69 points, or 0.59 percent, at 10,839.82. The Standard & Poor's 500 Index (^SPX - news) was up 6.76 points, or 0.56 percent, at 1,211.68. The technology-laced Nasdaq Composite Index (^IXIC - news) was up 13.91 points, or 0.65 percent, at 2,168.13.
Nasdaq hit its highest intraday level since July 2, 2001.
The Conference Board (news - web sites)'s index of U.S. consumer confidence (news - web sites) showed a reading of 102.3 for December, above economists' expectations for a reading of 94.6.
High oil price, seen as a damper for consumer spending, fell in December, boosting consumer sentiment, traders said.
"The consumer confidence numbers came in stronger and that definitely helped the market," said Jay Finkel, senior equity trader at Lord Abbett. "The number reflects their confidence in the economy because oil prices came down, because higher oil prices are a tax on consumers."
Oil prices jumped more than $1 on Tuesday after falling more than 6 percent on Monday. But at $42.10 a barrel, crude oil prices were still well below the record $55.67 in late October.
In another positive sign, the International Council of Shopping Centers and UBS's weekly chain store retail index said sales rose 2.7 percent in the week to Dec. 25 from the previous week, with sales up 4.3 percent from a year ago.
In merger news, Blockbuster Inc. (NYSE:BBI - news), the largest U.S. video rental chain, said it may launch a hostile bid for Hollywood Entertainment Corp. (Nasdaq:HLYW - news) if the smaller rival will not cooperate with its $700 million takeover offer. Blockbuster was down 1.3 percent to $9.27. Hollywood Entertainment rose 5 cents to $13.14.
Sirius Satellite Radio Inc. (Nasdaq:SIRI - news) fell nearly 4.4 percent to $7.75. Banc of America Securities raised its price target for the subscription satellite radio company to $5.25 from $3.68 per share. Still, the price target was lower than Sirius' current price.
Source: Reuters via Yahoo
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