Wall Street ticks up, lifted by Verizon, chipmakers
U.S. stocks rose on Monday, with Verizon boosting the telecoms sector after the stock got an upgrade, while a deal in semiconductors lifted high-performing tech shares.
With no major earnings or economic data scheduled this week, trading volumes were thin and expected to get even quieter leading up to the Thanksgiving holiday on Thursday and an early market close on Friday.
Overall trading volume was the lightest in a month.
Telecoms <.splrcl> are down 17 percent this year, compared with a 15 percent advance on the S&P 500.
"There`s a bounce in telecoms, which have been the worst group so far this year," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.
"There`s always a chance that something disrupts the apple cart, but there`s very little news and a lot of people focussing on the football games and the turkey dinner," he said, referring to the staples of the U.S. Thanksgiving holiday.
The semiconductor index <.sox> rose 1.2 percent and touched its highest level since the highs of the Y2K bubble.
The Dow Jones Industrial Average <.dji> rose 72.09 points, or 0.31 percent, to 23,430.33, the S&P 500 <.spx> gained 3.29 points, or 0.13 percent, to 2,582.14 and the Nasdaq Composite <.ixic> added 7.92 points, or 0.12 percent, to 6,790.71.
Small cap stocks on the Russell 2000 <.rut> rose 0.7 percent, outperforming the large-cap indexes.
Time Warner Inc
Time Warner ended down 1.1 percent at $87.71.
Health stocks <.spxhc> were weighed by a 2.0-percent drop in Merck
Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.
The S&P 500 posted 42 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 129 new highs and 28 new lows.
About 5.67 billion shares changed hands in U.S. exchanges, far below the 6.81 billion daily average over the last 20 sessions and the lightest since Oct. 18.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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