U.S. stocks pared gains in the final minutes of trading
before changes in MSCI indexes, offsetting a rally among homebuilders and
technology shares. The Nasdaq Composite Index (CCMP) topped 4,000 for first
time in 13 years.
Lennar Corp. and PulteGroup Inc. climbed at least 4.4
percent amid better-than-expected industry data. Apple rose 1.8 percent, pacing
gains among technology companies. Tiffany (TIF) & Co. jumped 8.7 percent
after profit topped analysts’ estimates and the jeweler boosted its forecast.
Jos. A. Bank Clothiers Inc. 11 percent after Men’s Wearhouse Inc. offered to
buy the apparel company for about $1.54 billion. Take-Two Interactive Software
Inc. fell 5.4 percent as the gaming company said it bought back all 12 million
shares held by Icahn Group.
The Standard & Poor’s 500 Index gained less than 1
point to 1,802.75 after earlier rising as much as 0.3 percent. The Dow Jones
Industrial Average was little changed at 16,072.80. The Nasdaq Composite Index
jumped 0.6 percent to 4,017.75, the highest close since September 2000. About
6.1 billion shares changed hands, in line with the three-month average.
(Source: Bloomberg)
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