Stocks Rise Amid Strong Earnings and Mergers
Thursday's stock market saw a significant rally, driven by robust earnings, stock splits, and high-profile mergers in the technology sector. The Nasdaq composite index hit a new high, while sugar and grain futures prices surged. Pork and gold futures also experienced gains. Money market funds saw a notable increase in assets, and Intel announced a 2-for-1 stock split.
Key Takeaways:
- The Nasdaq composite index set a new high, fueled by strong earnings, stock splits, and Internet mergers.
- Sugar futures prices jumped 4% and grain futures advanced, while soybeans fell to their lowest level in nearly 12 years.
- Pork futures prices moved sharply higher, with gold closing at $284.80, up $1.40, on the New York Mercantile Exchange.
- Money market funds' assets increased by $541.7 million to $845.69 billion, with taxable funds rising by $978.3 million and tax-exempt funds decreasing by $436.6 million.
- Intel Corp. announced a 2-for-1 stock split, making shares more affordable to investors, which led to a price increase of $4.43 3/4 at $137.18 3/4 on the Nasdaq Stock Market.
- Computer programmers, real estate agents, and Wall Street traders saw robust increases in their wages and benefits, while factory workers and minimum-wage earners experienced less substantial gains.
Statistics:
- The Nasdaq composite index reached a new high.
- Sugar futures prices increased by 4%.
- Grain futures prices advanced.
- Soybeans fell to their lowest level in nearly 12 years.
- Pork futures prices moved sharply higher.
- Gold closed at $284.80, up $1.40.
- Money market funds' assets rose by $541.7 million.
- Taxable money market fund assets increased by $978.3 million.
- Tax-exempt funds' assets decreased by $436.6 million.
- Intel Corp.'s sales reached $26.2 billion in 1998.
- Intel's stock price increased by $4.43 3/4 to $137.18 3/4.
Sources:
- Bloomberg News
- New York Times
- Washington Post
- Investment Company Institute
- Nasdaq Stock Market
- Intel Corp.
- Labor Department