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Nasdaq Sustains Rally With A 2.6% Advance As Trading Accelerates; Despite Late Profit-Taking; Volume goes over 2.3 bil; Microsoft helps as traders relish antitrust settlement.(A)
Byline: DAVID SAITO-CHUNG
The Nasdaq leapt to its best levels in two months in heavy trade Monday even as late selling trimmed gains in other key indexes.
Continuing the rally that began Oct. 10, the tech-filled composite index surged 2.6% to 1396. That's its highest close since Aug. 22.
The Nasdaq rose as much as 4.4% before traders grabbed profits in the final hour. The late sell-off hurt other major indexes more. The S&P 500, up as much as 2.6%, closed ahead just 0.8% and near the day's low.
The Dow industrials, up as much as 2.5%, ended with just a 0.6% gain. The S&P SmallCap 600 gained 0.5%. Trading swelled across the board.
More than a third of the Dow's gain came from Microsoft, which gapped up 3.10 to 56.10 and soared above its 200-day moving average on heavy trade. The software giant's antitrust suit took a positive turn after markets closed Friday.
Microsoft has been building a long base since topping out at 120 in December 1999. It's still 20% below its 52-week high, which is usually still too low a price level for a stock to break out and make new highs.
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