TECH STOCKS: Home Sales, Factory Orders Boost Markets
A pair of good reports sent the markets to a winning week.
Reports of unexpectedly strong home sales and solid factory orders put Wall Street on a high Friday. All of the major stock indexes rose sharply for the day and showed respectable growth for the week.
A government report showed new orders for costly manufactured goods shot up in June at the fastest rate in five months. Orders for durable goods climbed 2.1%, beating forecasts and fueling optimism an economic recovery is shaping up. The government also said sales of new homes reached a record pace in June.
The Dow Jones industrials led the charge, closing up 172.06 points, or 1.9%, to 9,284.57--a five-week high and a gain of 1.1% for the week. The InformationWeek 100 was up 4.32 points, or 1.7%, to 255.19, and gained 1.03% for the week. The Nasdaq gained 29.28, or 1.7%, to close at 1,730.70, a 1.3% gain for the week. The smaller Nasdaq-100 index ended the week at $31.72, up 54 cents, or 1.7%, for the day, and gained 1.3% for the week. The S&P 500 was up 17.08 points, or 1.7%, closing at 998.68, a gain of 0.5% for the week.
Also affecting tech stocks was Microsoft's announcement that it plans to invest $6.9 billion in research and development and hire up to 4,000 workers. A week ago, the company said it had improved its outlook for its 2004 fiscal year.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.