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Market Update

Nasdaq Nears 15-Year Peak as Techs Power the Latest Surge


Author: Nichole Harper
ticker.com
Last Update: 2:05 PM ET March 02 2015

2:05 PM New York Market indexes advanced after deals dominated headlines. HP agreed to acquire Aruba Networks for $2.7 billion and Boston Scientific offered to pay $1.6 billion to buy urology business from Endo International. Tech heavy Nasdaq is set to retest the peak it reached fifteen years ago.

Stocks in New York traded higher and tech heavy Nasdaq raced to reach 5,000, the high not seen in fifteen years.

The Nasdaq Composite after fifteen years has recovered from the sharp plunge that wiped out more than $1 trillion in investments after crossing 5,000 on March 9, 2000.

The index stayed above the loft level only for two days and quickly began to descent and lost more 80% reached a bottom in October 2002 from its peak of 5,048.62 on March 10, 2000.

Personal income in January rose 0.3% and disposable personal income increased 0.4%. Personal consumption expenditure fell 0.2% in the month, the Department of Commerce reported today.

In a separate report the department said construction spending in January dropped 1.1% at annual rate of $971.4 billion from the revised December estimate of $982 billion.

On Wall Street trading, Tollbooth Strategy Index jumped 0.5% or 48.89 to 10,729.41.

S&P 500 index rose 8.11 or 0.4% to 2,112.61 and the Nasdaq Composite Index gained 32.81 or 0.7% to 4,996.19.

Crude oil fell $1.35 a barrel to $48.46 and gold fell $5.90 to $1,199 an ounce.

U.S. Movers

Boston Scientific Corporation (BSX) rose 4 cents to $16.94 after the medical device maker agreed to acquire American Medical Systems urology business from Ireland-based privately held branded and generic pharmaceutical company Endo International Plc for about $1.6 billion.

The transaction is expected to close in the third-quarter of this year.

Hewlett-Packard Company (HPQ), the technologies and software company agreed to acquire wireless-networking company Aruba Networks Inc. for $24.67 a share or for about $2.7 billion.

VimpelCom Ltd (VIP) dropped 2.5% or 14 cents to $5.34 after the Russia focus wireless telecom company agreed to sell 90% stake in its subsidiary of WIND Telecomunicazioni S.p.A''s Galata unit for 693 million in cash to Abertis Telecom Terrestre SAU.

European Markets

In London trading, FTSE 100 index fell 0.3% or 19.85 to 6,926.81 and in Frankfurt the DAX index slid 0.2% or 21.91 to 11,379.75.

In Paris, CAC 40 index dropped 0.9% or 47.06 to 4,904.42.

British Land Company Plc gained 1.7% to 843 pence after the U.K.-based retail parks and shopping center developer today acquired Surrey Quays Leisure Park in Canada Water for 135 million from clients of Aviva Investors.

RWE AG slipped 1.2% to 24.68 after the Germany-based electricity and gas provider completed the sale of its unit RWE Dea AG for about 5 billion or $5.61 billion to an energy-investment fund tycoon Mikhail Fridman.

Asian Markets

Stocks in Tokyo largely reacted to domestic corporate and earnings news.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc