Investing.com - U.S. stocks rose on Friday as bottom fishers
snapped up nicely priced technology shares and looked past
escalating tensions in Ukraine, sending the Dow Jones Industrial
Average to an all-time high.
At the close of U.S. trading, the Dow 30 rose 0.20% to close at
a record-high 16,583.34, the S&P 500 index rose 0.15%, while
the NASDAQ Composite index rose 0.50%.
Technology and biotech shares have taken a beating in recent
sessions, as investors have viewed the sector as too frothy, the
beneficiaries of ultra-loose monetary policies and Federal Reserve
stimulus programs that are tapering now and due to wrap up likely
sometime this year.
By Friday, investors felt such momentum shares had fallen too
far and jumped in from the sidelines to snap up attractive
Elsewhere, investors looked past escalating tensions in
Pro-Russia separatists in eastern Ukraine ignored a public call
by Russian President Vladimir Putin to postpone a referendum on
self-rule and said they plan to go ahead on Sunday with a vote that
some fear could lead to a civil war.
European Commission President Jose Manuel Barroso said earlier
that the European Union was still struggling to agree on what
approach to take on the crisis and added the event was the biggest
threat to European security since the fall of the Berlin Wall.
Still, U.S. stocks rose on sentiments that the U.S. economy
continues to recover and will bolster corporate fundamentals along
the way, with consumer discretionary and healthcare companies
leading the way.
Leading Dow Jones Industrial Average performers included
McDonald's Corporation (NYSE:MCD), up 0.97%, Home Depot Inc
(NYSE:HD), up 0.88%, and Merck & Company Inc (NYSE:MRK), up
The Dow Jones Industrial Average's worst performers included J P
Morgan Chase & Co (NYSE:JPM), down 0.63%, Dupont Fabros
Technology Inc (NYSE:DFT), down 0.46%, and Pfizer Inc (NYSE:PFE),
European indices, meanwhile, finished lower.
After the close of European trade, the DJ Euro Stoxx 50 fell
0.62%, France'sCAC 40 fell 0.66%, while Germany's AMUNDI Short DAX
30 (XETRA:C2D) fell 0.27%. Meanwhile, in the U.K. the FTSE 100 fell
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