S&P tops 1,100 for 1st time in month
July 20th, 2010 | by Matew Dow |NEW YORK | Fri Jul 23, 2010 2:00pm EDT
NEW YORK (Reuters) – Stocks rose on Friday as solid margins from Verizon Communications Inc (VZ.N) and a dividend hike by General Electric Co (GE.N) boosted sentiment.
The S&P 500 strengthened its bullish stance, moving above the 1,100 level for the first time in a month after various failed attempts.
The Dow Jones industrial average .DJI gained 75.38 points, or 0.73 percent, to 10,397.68. The Standard & Poor’s 500 Index .SPX rose 6.30 points, or 0.58 percent, to 1,099.97. The Nasdaq Composite Index .IXIC added 13.03 points, or 0.58 percent, to 2,258.92.
A spike in Genzyme Corp (GENZ.O) also helped indexes after the Wall Street Journal reported French drugmaker Sanofi-Aventis SA (SASY.PA) approached the biotechnology company about an acquisition, though any deal could be far away.
(Editing by Jeffrey Benkoe)
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