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Yahoo helps Nasdaq outperform
Wall Street drifted for most of the session with investors keeping an eye on the economy. The Dow and the S&P 500 were little changed. The Nasdaq finished with stronger gains. The day did get off to a negative start after worrisome economic figures. Consumer confidence slumped to a 5 year low. And the Conference Board's gauge of consumer expectations plummeted to its lowest level since 1974. The bad news continued with the latest housing report. Home prices eroded further in January, according to a closely watched survey. Both reports moved economic concerns back to the forefront. Technology stocks like Yahoo seemed immune from the modest selling seen elsewhere. Yahoo could get a higher offer from Microsoft, according to an analyst at Citigroup. An upgrade of Yahoo pushed that stock higher. Microsoft was little changed. Ford has finally sealed a deal for its Jaguar and Land Rover luxury brands, according to a source familiar with the matter. The troubled automaker is selling the brands to India's Tata Motors for more than $2 billion. Another source said the deal will be announced as early as Wednesday. Shares of Ford were little changed. U.S. listed shares of Tata were up slightly. Crude oil finished higher after a choppy session. Oil managed to snap a three-day losing streak despite earlier concerns about a drop in U.S. demand. Crude settled above $101 a barrel. As for the European trading day, Nokia helped ring-in strong gains. Analysts pointed to reported comments from a Nokia executive, who said the world's top cell phone company did not see the U.S. slowdown spreading. A rally in the banks also helped drive the German Dax, the Paris, CAC-40 and the London FTSE up well over 3 percent. Conway Gittens, Reuters. COMPANIES MENTIONED: Yahoo, Microsoft, Ford, Tata Motors, Nokia SYMBOLS: YHOO, MSFT, F, TTM NOK
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Added: Mar 26, 2008 |
| Category: Business |
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