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Nasdaq parties like it is year 2000

Friday, February 08, 2013 - 02:03

Feb 06 - Summary of business headlines: Tech-heavy Nasdaq hits 12-year closing high; Sales surge 81 percent at LinkedIn; AOL revenues growing again; Major Dell shareholder says buyout price too low; Boeing can test flight 787s. Conway G. Gittens reports.

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The Nasdaq takes the lead, rallying to its highest close since the year 2000. Earnings trump euro jitters sending the broader market back to five-year highs. Despite the first weekly drop in the Dow in six weeks and a weekly gain for the Nasdaq of just 0.5 percent... no hint of a meaningful move away from stocks, says Lipper Research Director Tom Roseen. SOUNDBITE: TOM ROSEEN, HEAD OF RESEARCH SERVICES, LIPPER (ENGLISH) SAYING: "With the week we saw about 41 or $4.1 billion come into equity funds for the week ended just Wednesday here that just past. We saw one of the worst market declines that we've seen this year in one day on Monday, so with that in mind we thought we'd see outflows and investors are continuing to put money back to work in equity mutual funds." LinkedIn beat Wall Street profit targets as sales surge 81 percent. Companies are willing to pay up for access to LinkedIn's rapidly growing global user base of 200 million. The stock is at a record high since going public in 2011. AOL saw its first revenue gain in 8 years thanks to a bounce in search and advertising sales. Shares of AOL jumping more than 7 percent on those quarterly results. A ding for Dell. The computer maker's largest shareholder says the $24.4 billion buyout announced earlier this week - is too low. Saying the company is worth roughly $42 billion. Shares of Dell turned slightly higher on the news. Boeing has been given the green light to start test flights of its grounded Dreamliner 787, but the battery problem has forced the plane maker to tell customers not to expect delivery as planned. That could cost the company and it did cost the stock. On the economic front, the U.S. trade gap narrowed by its biggest margin in 3 years. A growth in exports in December likely means the economy grew in the fourth-quarter instead of shrinking like announced last week. Signs of improving strength in the global economy - giving stocks across Europe a boost.

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Nasdaq parties like it is year 2000

Friday, February 08, 2013 - 02:03

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