Cisco, eBay Push Nasdaq Past 2000
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Cisco (NASDAQ: CSCO) and eBay (NASDAQ: EBAY) on Monday led the Nasdaq to its first close above 2000 since Oct. 1.
Cisco, which will report its quarterly results Wednesday night, gained 2.6% as the Nasdaq's most actively traded stock, while eBay notched a 3.7% gain on continued optimism about the online auction company's improving prospects.
The S&P also gained 1.5% to close above 1000 for the first time since Nov. 4. The index has had its best five-month run since 1938, as investors continue to price in an economic recovery that has so far been more hope than reality.
Brocade (NASDAQ: BRCD), which will report its results on Aug. 20, gained 7%. Micron (NYSE: MU) was another big winner, posting a 6% gain on reports of improving chip sales.
Others reporting quarterly earnings this month include HP (NYSE: HPQ) on Aug. 18, Dell (NASDAQ: DELL) on Aug. 27, NetApp (NASDAQ: NTAP) on Aug. 19 and Applied Materials (NASDAQ: AMAT) on Aug. 11.
Apple (NASDAQ: AAPL) and Google (NASDAQ: GOOG) both rose 2% as the companies' relationship turns more competitive.
After the close, STEC (NASDAQ: STEC) fell 10% after releasing its earnings report and announcing a secondary stock offering.
The Nasdaq rose 30 to 2008, the S&P 500 gained 15 to 1002, and the Dow gained 115 to 9286. Volume rose to 5.6 billion shares on the NYSE, but declined to 2.19 billion on the Nasdaq. Advancers led by a 30-6 margin on the NYSE, and 19-8 on the Nasdaq. Upside volume was 89% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 202-80 on the NYSE, and 105-17 on the Nasdaq.