US stocks rise as Yahoo bid overshadows jobs worries
"Timber!" was the market's catch cry for January. On the first day of February, that changed to "Yahoo!" But Exxon Mobil finished the week on a down note, despite posting record earnings, and Harley-Davidson remains lower on the year as a contract...
By Agencies |
NEW YORK: "Timber!" was the market's catch cry for January. On the first day of February, that changed to "Yahoo!" But Exxon Mobil finished the week on a down note, despite posting record earnings, and Harley-Davidson remains lower on the year as a contraction in the labor market kept fears of recession alive.
Shares of Yahoo surged 9.20, or 48%, to 28.38 on Nasdaq after Microsoft made a surprise $44.6 billion offer to buy the Internet concern, seeking to strengthen its hand in competing with Google for Internet advertising dollars.
Microsoft (Nasdaq) shed 2.15, or 6.6%, to 30.45. Google (Nasdaq) slid 48.40, or 8.6%, to 515.90 after the Internet search-engine posted revenue and profit short of the Wall Street benchmark and the deal among its rivals emerged.
The Nasdaq Composite rose 23.50, or 0.98%, to 2413.36, although it remains down 9% for the year to date after teetering on the edge of a bear market for much of January.
The Dow Jones Industrial Average added 92.83, or 0.73%, to 12743.19.
"The Microsoft/Yahoo news helped" draw buyers to the market Friday, said Joseph Ferrarese, head of North America cash equity trading at Deutsche Bank Securities.
Exxon Mobil eased 45 cents, or 0.5%, to 85.95 after the integrated oil giant posted the highest quarterly profit in corporate history - $11.6 billion - as it slaked the world's thirst for oil. For the week, Exxon rose 2.4%.
Shares of Yahoo surged 9.20, or 48%, to 28.38 on Nasdaq after Microsoft made a surprise $44.6 billion offer to buy the Internet concern, seeking to strengthen its hand in competing with Google for Internet advertising dollars.
Microsoft (Nasdaq) shed 2.15, or 6.6%, to 30.45. Google (Nasdaq) slid 48.40, or 8.6%, to 515.90 after the Internet search-engine posted revenue and profit short of the Wall Street benchmark and the deal among its rivals emerged.
The Nasdaq Composite rose 23.50, or 0.98%, to 2413.36, although it remains down 9% for the year to date after teetering on the edge of a bear market for much of January.
The Dow Jones Industrial Average added 92.83, or 0.73%, to 12743.19.
"The Microsoft/Yahoo news helped" draw buyers to the market Friday, said Joseph Ferrarese, head of North America cash equity trading at Deutsche Bank Securities.
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Exxon Mobil eased 45 cents, or 0.5%, to 85.95 after the integrated oil giant posted the highest quarterly profit in corporate history - $11.6 billion - as it slaked the world's thirst for oil. For the week, Exxon rose 2.4%.
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