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NOVEMBER 20, 2017 / 5:46 pM
Wall
Street ticks up, lifted by Verizon, chipmakers
DJ: 23,430.33 +72.09 NAS: 6,790.71
+7.92 S&P: 2,582.14
+3.29 11/20
NEW YORK (Reuters) - 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.
Verizon
(VZ.N) boosted the telecom services sector of
the S&P 500 with a 1.7
percent advance to $46.20 after a Wells Fargo note highlighted the stock’s valuation and
said it is “an attractive
yield play.” 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 focusing on the football games and the turkey dinner,” he said,
referring to the staples of the U.S. Thanksgiving holiday. Cavium (CAVM.O) touched a record high of $84.41 after larger rival Marvell (MRVL.O) said it would buy the company for about $6 billion. Cavium shares
were last up 10.8 percent at $84.02 and Marvell shares rose 6.4 percent to
$21.59.
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 rose
0.7 percent, outperforming the large-cap indexes.
Time Warner Inc (TWX.N) shares slid after reports the U.S.
Justice Department will sue to prevent AT&T (T.N) from buying Time Warner. Time Warner ended down 1.1 percent at $87.71.
Health stocks .SPXHC were weighed by a
2.0-percent drop in Merck (MRK.N) to $54.10 and a 0.8 percent fall in
Bristol-Myers (BMY.N) after Roche (ROG.S) announced positive trial results for a
competing cancer drug.
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.
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