GLOBAL MARKETS-Nasdaq breaks 15-yr record; oil up on Middle East worry
* Nasdaq tops 15-yr closing record
* European shares slide after soft PMIs
* Oil rises on Middle East concern
* Energy shares, earnings lift U.S. stocks
(Adds close of U.S. markets, oil settlement prices)
By Chuck Mikolajczak
NEW YORK, April 23 (Reuters) - U.S. stocks rose on
Thursday, with the Nasdaq index hitting a record closing high,
as corporate earnings and a rise in energy shares overshadowed
soft U.S. economic data, while oil prices climbed to the highest
levels of the year.
The gains pushed the Nasdaq above a record set in March
2000, the height of the dot-com boom. The index is up 353
percent from its October 2002 low after the technology bubble
burst.
"It has the potential to go up, absent some external event
that I can't predict." said Walter Price, senior portfolio
manager and managing director of the AllianzGI Global Technology
fund in San Francisco. "Companies look as though they ought to
power through this environment."
In 2000, "a lot of the high-growth companies were selling at
200 or 300 times next year's earnings," he added. "This is
nothing like that. This is a whole different world versus 2000."
A rise in oil prices helped lift energy shares 0.6
percent. Strong earnings from AT&T (Sao Paolo: ATTB34.SA - news) , up 4.2 percent to
$34.23, and eBay, up 3.8 percent to $58.89, helped
offset lackluster U.S. economic data.
Brent crude touched a high of $65.58, its highest
since December, and settled up 3.4 percent at $64.85 a barrel.
U.S. crude settled up 2.8 percent at $57.74 after Saudi
Arabia and its allies continued a bombing blitz in Yemen that
raised concerns about the security of Middle East oil supplies.
The Dow Jones industrial average rose 20.42 points,
or 0.11 percent, to 18,058.69, the S&P 500 gained 4.97
points, or 0.24 percent, to 2,112.93 and the Nasdaq Composite
added 20.89 points, or 0.41 percent, to 5,056.06.
European shares slipped, with Germany's DAX index
underperforming following a disappointing purchasing managers'
survey, while weak results from Ericsson (Xetra: ERCA.DE - news) hit
technology stocks.
Overall, euro zone private-sector business growth was weaker
than forecast, despite help for exporters from a big fall in the
euro and the March launch of a sovereign bond-buying program by
the European Central Bank.
MSCI (NYSE: MSCI - news) 's all-country world index of equity
performance in 46 countries advanced 0.42 percent, while the
FTSEurofirst 300 index of top European shares closed
down 0.46 percent at 1,620.82. Germany's DAX dropped
1.2 percent.
U.S. Treasuries yields were little changed, hovering near
3-1/2 week highs after a broad sell-off in Treasuries, German
Bunds and British Gilts on Wednesday.
Benchmark 10-year notes were last up 6/32 in
price to yield 1.9524 percent.
The dollar weakened 0.7 percent against a basket of
major currencies in light of the soft U.S. data and waning fears
of a Greek default.
German Chancellor Angela Merkel was expected to tell
Greece's prime minister in a meeting on Thursday that she wants
to keep Greece in the euro zone and avoid a default, but will
need commitments in technical talks on measures to make Greece's
public finances sustainable.
(Additional reporting by Caroline Valetkevitch; Editing by Nick
Zieminski, Meredith Mazzilli and Dan Grebler)