Global shares, euro rise on Greek hopes, German data

Fri Nov 23, 2012 2:43pm EST
 

By Angela Moon

NEW YORK (Reuters) - Global stocks and the euro gained on Friday on signs of progress in talks on releasing aid to Greece and after an influential German survey found business sentiment had improved in Europe's largest economy.

U.S. stocks rose for a fifth day, getting a lift from bellwether technology shares such as Intel (INTC.O: Quote) and Microsoft (MSFT.O: Quote), both up about 2 percent. An index of semiconductor stocks .SOX gained 1.8 percent, while the S&P information technology sector index .GSPT rose 1.6 percent.

Trading on Wall Street ended early after markets were closed Thursday for the Thanksgiving holiday. With many investors still on holiday on Friday, volume was low. About 2.8 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the daily average for the year to date of 6.5 billion.

The light volume exacerbated moves, and shares of big-cap technology companies climbed as investors took advantage of the day's upward momentum to add to their positions.

"Anyone that was on the sidelines waiting for a pullback like the one we just had in some of the tech names, they're looking for any glimpse of strong price action for 'permission' to enter into those (stocks)," said Todd Salamone, director of research at Schaeffer's Investment Research in Cincinnati, Ohio

Microsoft helped lift the Nasdaq, gaining 2.8 percent to $27.70, while Apple Inc (AAPL.O: Quote) rose 1.7 percent to $571.50.

From mid-September to mid-November, the S&P tech sector .GSPT shed about 13 percent as the broader market also dropped.

Research In Motion RIMM.O surged on optimism about its soon-to-be-launched BlackBerry 10 devices, which will vie against Apple's (AAPL.O: Quote) iPhone and Android-based smartphones. RIM was up 13.6 percent at $11.66.   Continued...

 
People are reflected on an electronic board displaying a graph showing the movement of Nikkei share average outside a brokerage in Tokyo November 7, 2012. REUTERS/Toru Hanai