Newspaper article St Louis Post-Dispatch (MO)

Stocks Rise as Bond Yields Fall; NASDAQ Soars

Newspaper article St Louis Post-Dispatch (MO)

Stocks Rise as Bond Yields Fall; NASDAQ Soars

Article excerpt

Stocks rallied Friday as a drop in bond yields spurred gains in financial shares. The Nasdaq composite index soared to a record, led by Cisco Systems Inc.

A government report that producer prices increased less than expected in April sparked stocks' advance by easing concern that borrowing costs would rise to compensate for inflation.

The Nasdaq composite surged 14.94 to 1202.77. It was the index's 22nd record this year.

The Dow Jones industrial average rose 43 points, helped by financial companies American Express Co., up 5/8 to 47 1/2, and J.P. Morgan & Co., up 3/4 to 85 1/4. The Standard & Poor's 500 index jumped 6.65, led by drug and banking shares. h

For the week, the Dow industrials rose 40.11 points, or 0.73 percent; the S&P 500 rose 10.46, por 1.63 percent, and the Nasdaq gained 18.16 points, or 1.53 percent. ,

Next week, stocks are expected to rise as interest rates stay steady. Some investors are speculating that rates have reached a high for the near future, and that's expected to provide a fertile environment for corporate profits. …

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