Edited by Vani Rao
The markets closed on a slightly higher note on Thursday after Federal Reserve chair nominee Janet Yellen signaled that the stimulus will continue until the economy improves. Yellen has raised concerns about the high unemployment rate of 7.3% in the US as her top concern.
On Thursday, November 14, the Dow Jones Industrial Average rose 54.59 points, or 0.35%, closing at 15,876.22 and the S&P 500 rose 8.62 points, or 0.48%, closing at 1,790.62. While both these indexes reached new heights, the Nasdaq lagged behind, closing at 3,972.74, up 7.16 points, or 0.18%, primarily due to Cisco Systems Inc.’s (NASDAQ: CSCO) fall in the tech heavy index. The Nasdaq is 1% from 4,000, its highest level since September 2000.
Shares of major technology companies led by Cisco fell on Thursday; Cisco on Wednesday missed revenue estimates, providing a grim outlook, citing weak demand among emerging markets. Cisco also said that it has taken a beating because of the Federal government shutdown and concerns among customers about Spy scandal on U.S. tech firms in China
Cisco’s grim outlook had a domino effect on the shares of other major tech companies. Shares of Hewlett Packard Co. (NYSE: HPQ) shed 5.4% to close at $25.07, IBM Corp. (NYSE: IBM) fell about 1% to close at $182.21, and EMC Corp. (NYSE:EMC) fell 2% to close at $23.74.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here