Nasdaq is up for 6th straight session
Indexes opened lower but gained throughout the session, although Cisco Systems, which sank after warning about a slump in revenue, limited the Dow’s advance.
“Investors have restored some enthusiasm for equities that was lost in the first few weeks of the year, and with weather seeming to be such a factor, they’re able to shrug this off,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
“Cisco has been having problems with competition, so I don’t view that as indicative of tech in the aggregate or consumer spending,” said Luschini, who helps oversee $63 billion in assets. “This is company-specific, which is allowing other tech to shrug off that outlook.”
The Dow Jones industrial average was up 63.65 points, or 0.40 percent, at 16,027.59. The Standard & Poor’s 500 Index was up 10.57 points, or 0.58 percent, at 1,829.83. The Nasdaq Composite Index was up 39.38 points, or 0.94 percent, at 4,240.67.
Time Warner Cable shares rose 7 percent to $144.81 while Comcast shed 4.1 percent to $52.97. Shares of Charter Communications Inc, which had also pursued Time Warner Cable, fell 6.3 percent to $128.91.
Whole Foods Market Inc lost 7.2 percent to $51.46. The largest U.S. organic and natural food retailer stunned investors on Wednesday by cutting its 2014 sales forecast for the second time in three months.
After the market closed, American International Group Inc rose 3.2 percent after it reported results and raised its dividend.