11/29 17:12
Stocks in U.S. Rise on Durable-Goods Report; Microsoft Leads Nasdaq Rally
By Danielle Sessa
bloomberg.com
New York, Nov. 29 (Bloomberg) -- U.S. stocks rose after orders for durable goods in October had their biggest gain in nine years, suggesting the recession may end soon. General Motors Corp., Boeing Co. and Lockheed Martin Corp. climbed.
Microsoft Corp., Cisco Systems Inc. and Intel Corp. led the the Nasdaq Composite Index to its largest advance in more than two weeks. Bank of America Corp. rose after the company said it would meet fourth-quarter profit forecasts.
The durable-goods report ``definitely helps the outlook'' for an economic recovery next year, said Louis Navellier, president of Navellier & Associates in Reno Nevada, which manages $5 billion.
The Nasdaq rallied 45.29, or 2.4 percent, to 1933.26. The Standard & Poor's 500 Index climbed 11.68, or 1 percent, to 1140.20. The Dow Jones Industrial Average rose 117.56, or 1.2 percent, to 9829.42.
Investor optimism that the economy and corporate profits will rebound soon got a boost after the Commerce Department reported a 12.8 percent surge in orders for items such as cars, planes and defense equipment last month. Orders for durable goods fell a revised 9.2 percent in September after the terrorist attacks on the World Trade Center and the Pentagon. |
