US stocks near record levels

United States Stocks have moved higher, building on their gains from Friday, the Associated Press reported.

The Standard & Poor’s 500 Index rose eight points, or 0.4 per cent, to 2,116 as of 11:45a.m.. That’s one point short of its record high close on April 24.

The Dow Jones industrial average rose 68 points, or 0.4 per cent, to 18,092. The Nasdaq composite rose 20 points, or 0.4 per cent, to 5,025.

Cognizant Technology Solutions jumped nine per cent, the most in the S&P 500 index, after the consulting company reported earnings that beat the expectations of Wall Street analysts. Cognizant also raised its earnings and sales outlook for the year.

Oil slipped 38 cents to $58.76 a barrel.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.10 per cent.

The Dow Jones Industrial average had ended last week on a positive note, rising by 183 basis points or one per cent on Friday.

The gains followed a 195 basis points drop the previous day.

The AP had reported that stocks closed higher on the first day of May, erasing much of a loss from the day before.

It noted that Expedia jumped eight per cent on Friday after the online travel company reported sales that beat analysts’ estimates. LinkedIn plunged 19 per cent after releasing a disappointing forecast.

The Standard & Poor’s 500 Index rose 22 points, or 1.1 per cent, to 2,108, while The Nasdaq composite rose 63 points, or 1.3 per cent, to 5,005.

Most Asian and European markets were, however, closed for a holiday on Friday.