“I think all of that’s reflecting an undervalued tech investor and pretty darn good earnings”, he said of Thursday’s record close on the Nasdaq Composite.
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The tech-heavy NASDAQ index closed Friday at an all-time high for the second consecutive day, thanks in large part to Google’s sensational 16 percent gain.
That barely topped the previous record one-day gain of $65 billion by Cisco Systems Inc.in April 2000 after the computer networking equipment maker had suffered a steep drop in the previous week, according to S&P Dow Jones Indices.
The firm acknowledged Google’s growth and “very strong balance sheet” that could be used for buybacks and dividends, but said it there were “ongoing legal and regulatory risks” for potential for market share losses, Scott Kessler, equity analyst at S&P Capital IQ, said in a research note Friday. That pushed Google’s Class A stock above $700 for the first time.
The Dow Jones industrial average fell 33.8 points, or 0.19 percent, to end at 18,086.45. In prepared remarks and in responses to analyst questions posed in a late Thursday conference call, Porat repeatedly stressed that Google intends to control its costs more diligently. For the week, though, the Dow added 1.8 percent. Chevron lost 1.4 percent.
The Standard & Poor’s 500 index rose 2.35 points, or 0.1 percent to close at 2,126.64.
Tokyo rose 0.25 per cent, or 50.80 points, to 20,650.92, marking a five-day winning streak.
Wall Street insiders have been cautiously optimistic about upcoming quarterly stories after some outcomes this week got here in above expectations.
The Nasdaq Composite rose 0.6% to 5,193.17 at 10.55am in New York.
Boeing slumped after it announced that it would take a $536 million charge related to its aerial refueling tanker program.
General Electric shares rose 0.9 percent after raising its 2015 outlook for its industrial manufacturing businesses.
Federal Reserve Chairperson Janet Yellen reiterated during her second day of testimony to Congress that she expected an interest rate hike this year, and the pace of the subsequent increases would be gradual. However, a strong dollar reduces the value of United States companies’ overseas income.
In Europe, Britain’s top share index ended lower, weighed down by miners hit by a drop in metals prices and by Royal Mail, which fell after market regulator Ofcom published a discussion document reviewing the company. Profit is predicted to have fallen 2.9 %, in accordance to Thomson Reuters estimates.
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Declining issues outnumbered advancing ones on the NYSE by 2,108 to 900.
