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US bonds' rise give boost to Nasdaq
Gregory Zuckerman
Aug 24: A smoldering bond market sent bond yields falling to their lowest levels in more than a year, helping the Nasdaq Composite Index catch fire late in the day. Behind the bullishness was a growing view among investors that the Federal Reserve is done raising interest rates this year. But investors largely confined their enthusiasm to technology, drug and oil companies. Indeed, the Dow Jones Industrial Average edged slightly higher, as some economically sensitive "cyclical" stocks were hurt by a jump in oil prices and a belief the economy is slowing. The Nasdaq Composite Index rose 52.80, or 1.33%, to 4011.01 the technology-laden index's first 4 pm close above the psychologically important 4000 mark in a month. The Dow Jones Industrial Average rose 5.50, or 0.05%, to 11144.65. The Standard & Poor's 500-stock index rose 7.84, or 0.52 per cent, to 1505.97, its first 4 pm close above the 1500 level since July 17. -- REUTERS Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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