Nasdaq heads towards 5,000 but Dow slips - New York Report

THE NASDAQ resumed its recent advance yesterday after deal news in the technology sector, while the Dow and S&P 500 dipped as energy shares sank with oil prices.

The Dow Jones industrial average fell 10.15 points, or 0.06 per cent, to 18,214.42, the S&P 500 lost 3.12 points, or 0.15 per cent, to 2,110.74 and the Nasdaq Composite added 20.75 points, or 0.42 per cent, to 4,987.89.

Among the top boosts for the Nasdaq and S&P 500 were shares of Avago Technologies, which jumped 14.7 per cent to $129.25. The company reached a deal to acquire Emulex for $8 per share. Emulex surged 24.7 per cent to $7.93.

Also among the day’s top performers, shares climbed 11.7 per cent to $70.24. The cloud software company reported quarterly earnings and raised its full-year revenue forecast.

Energy shares led declines in the S&P 500 and Dow, with the S&P 500 energy index dropping 1.8 per cent as US crude oil futures fell 5.5 per cent to settle at $48.17, pressured by rising inventories in the US.

Apple shares gained 1.3 per cent to $130.41. Apple sent out invitations for a 9 March event, about one month before the launch of the new Apple Watch.

Economic data were mixed. January US consumer prices had the biggest drop since 2008 as gasoline prices tumbled, while weekly jobless claims climbed last week and durable goods orders rose last month. The deflation data could give a cautious Federal Reserve the leeway to keep interest rates low for longer.

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