Stocks Rise; Siebel Boosts Tech Shares
By Mark McSherry NEW YORK (Reuters) - U.S. stocks rose on Monday as software company Siebel Systems Inc. (SEBL.O: Quote , Profile , Research ) boosted technology shares with a better-than-expected sales outlook and Friday's start-of-quarter buying spree ran into the new week. Improved investor sentiment about the economy also encouraged the buying of stocks. Oil prices eased after rebels in Nigeria withdrew a threat to target oil operations in that country, but lingering concerns over tight supplies ahead of winter kept prices close to $50 per barrel. Siebel Systems rose 14 percent after the business software company said it expects third-quarter revenue above Wall Street expectations. Siebel jumped $1.15 to $9.34, lifting the Standard & Poor's 500 and the Nasdaq. The Dow Jones industrial average closed up 23.89 points, or 0.23 percent, at 10,216.54. The Standard & Poor's 500 Index ended up 3.67 points, or 0.32 percent, at 1,135.17. The technology-laced Nasdaq Composite Index was up 10.20 points, or 0.53 percent, at 1,952.40. "It's a little bit of Friday's rally, a little bit of the fact crude backed off a little -- and positive news out of most of the software sector is helping," said Todd Clark, head of listed trading at Wells Fargo Securities. Trading was heavy during the session, with 1.5 billion shares changing hands on the New York Stock Exchange, and about 1.8 billion shares traded on Nasdaq. Both were above last year's daily average. More than one stock rose for every one that declined on the New York Stock Exchange. About three stocks advanced for every two that declined on Nasdaq. Markets also garnered strength from positive comments on the economy on Monday from the president of the Federal Reserve Bank of Philadelphia, Anthony Santomero, who expects the U.S. economy will grow in the range of 3.5 percent to 4.0 percent for the rest of the year and through 2005. American Express Co. (AXP.N: Quote , Profile , Research ) rose after the Supreme Court let stand a ruling that Visa and MasterCard credit card associations violated U.S. antitrust law by barring member banks from issuing credit and charge cards on rival networks owned by American Express and Morgan Stanley (MWD.N: Quote , Profile , Research ) . American Express shares climbed 2 percent to $52.63, helping the blue-chip Dow. Continued ...
Quelle "Stocks Rise; Siebel Boosts Tech Shares" : reuters.com
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