DJIA Leaders & Laggards: Microsoft, Citi |
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Wed, 31 Oct 2007 22:13
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NEW YORK (AP) - Microsoft Corp. helped lift the Dow Jones industrial average on Wednesday, as the blue-chip index posted strong gains after the Federal Reserve cut its benchmark interest rate.The index closed up 137.54 points, at 13,930.01, following a late-session surge after the Fed decision was announced. Only two of the 30 stocks on the index closed lower on the session.Microsoft gained $1.24, or 3.5 percent, to close at $36.81, after earlier hitting $37 for the first time in more than seven years. The stock is up more than 15 percent since the software company announced its fiscal first-quarter results after the bell Thursday.Shares of Dupont Co. added $1.28, or 2.7 percent, to $49.51. Shares rose gradually from early in the session, then spiked after the rate-cut decision.General Motors Corp. recorded its fourth consecutive gain, closing up 97 cents, or 2.5 percent, at $39.19, also getting a big lift from the Fed move.Shares of Intel Corp. added 63 cents, or 2.4 percent, to close at $26.90, as tech stocks followed Google higher after the Internet search leader crossed the $700 mark, finishing at $707.Citigroup Inc. edged down 21 cents, to $41.90. Major banks seesawed after the rate cut, and all closed relatively flat.Wal-Mart Stores Inc. ended in the red, along with many other major retailers, after the world's largest retailer and several competitors said they would begin holiday discounts this weekend, bolstering concerns regarding the retail climate in the important fourth quarter. Wal-Mart closed down 16 cents at $45.21.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Summary Box: Microsoft, Facebook in deal 