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U.S. stocks rally
 Source: MediaScrape
Investors laid aside some of their economic fears and went shopping among riskier assets like equities. The Dow jumped 130 points. TheS&P 500 gained 15 and the Nasdaq up 42. Investors took comfort as oil broke a five-day streak of record highs. The sharp pullback was tied to the dollar, which came close to a two-month high against the euro. Crude fell by almost $2 to $124.23 a barrel. But it was more than just lower oil prices that inspired the bulls. Research in Motion has a new high-end smartphone that caught investor attention. Wall Street is betting the so-called Blackberry Bold, fitted with high-speed Internet capabilities, and a host of other bells and whistles, can take-on the popular Apple iPhone. U.S. listed shares of Research in Motion jumped to an all-time high. Apple was up almost 2.6 percent. Hewlett-Packard was a further boost to tech sentiment. HP is in talks to buy EDS for as much as $13 billion, according to a source familiar with the matter. HP confirmed the talks. Shares of the acquirer usually fall - so HP lost roughly 5 percent. EDS surged nearly 28 percent. Wal-Mart provided additional strength to the broader market. The company is expected to see long term gains from a stronger international division. Shares of Wal-mart rallied about 1-1/2 percent. Wall Street also kept up with the latest out of China. The Asian nation was hit with its strongest earthquake in three decades, resulting in nearly 9,000 deaths, according to early estimates. On a different note, European trading desks were a bit quiet but higher profit at banking giant HSBC helped. The German Dax, The Paris CAC-40 and the London FTSE finished higher. Conway Gittens, Reuters COMPANIES MENTIONED: Research in Motion, Apple, Hewlett-Packard, EDS, Wal-Mart SYMBOLS: RIMM, AAPL, HPQ, EDS, WMT
Rating: (0 ratings) Views: 6 Added: May 13, 2008
Category: Business
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