NEW YORK (AP) - The Nasdaq 100 rallied in midday trading Thursday as Wall
Street poured over data showing consumer spending rose last month and reacted to
Wednesday's interest rate cut from the Federal Reserve.
The index, which includes 100 of the largest nonfinancial securities listed
on the Nasdaq Stock Market, gained 38.42 points, or 2 percent, to 1,956.12 in
midday trading. The broader Nasdaq composite jumped 39.14 points to 2,451.94.
The boost came despite a nearly $11 billion first-quarter profit from Exxon
Mobil Corp. that missed Wall Street's estimates.
Shares of Symantec Corp. jumped $1.77, or 10.3 percent, to $18.99 after the
security software company said its fiscal fourth-quarter earnings more than
tripled.
Shares of United Airlines operator UAL Corp. gained $1.19, or 8 percent, to
$16.09 as crude prices fell on the New York Mercantile Exchange. The
profitability of airline operators is closely linked to jet-fuel costs.
Shares of University of Phoenix operator Apollo Group Inc. rose $3.31, or
6.5 percent, to $54.21. The U.S. Senate voted Wednesday to raise limits on
federally subsidized student loans.
On the losing side, shares of Hologic Inc. lost $5.50, or 18.8 percent, to
$23.69.
Shares of Steel Dynamics Inc. shed $1.83, or 5.3 percent, to $33.02.
Shares of Akamai Technologies Inc. slid $1.39, or 3.9 percent, to $34.38.
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