Nasdaq extends record

The Nasdaq Composite has surpassed its record close of 5,048.62 basis points from March 2000, buoyed by technology companies.

The Nasdaq Composite, a stock market index of the common stocks and similar securities, had crossed into record territory in afternoon trading on Thursday, despite mixed earnings reports from General Motors, Proctor & Gamble and others.

The Associated Press had reported that shortly before noon, it traded briefly above its record close of 5,048.62 from March 2000.

However, gains by big technology companies such as Google, Amazon and Microsoft helped stock indexes to close higher on Friday and lifted the Nasdaq composite by 37 points or 0.7 per cent to 5,093 basis points in the afternoon.

The Associated Press reported that the Standard & Poor’s 500 Index rose by five points, or 0.3 percent, to 2,118, while the Dow Jones industrial average was up 22 points, or 0.1 percent, at 18,082.

Microsoft, Amazon and Google all rose sharply after the releasing their quarterly results. Amazon jumped $56.66, or 15 percent, to $446.55. While the company reported a quarterly loss, investors were encouraged the growth in some of Amazon’s other businesses, including Amazon’s cloud computing division.

Microsoft rose $4.12, or 10 percent, to $47.48. The software giant had results that beat expectations, and like Amazon, showed promising growth in new businesses like cloud computing.

Google rose $17.72, or 3 per cent, to $564.72. The search and advertising company missed analysts’ expectations; the company had strong growth in mobile advertising.

Source : Punch

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