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 Alibaba Group <BABA.N>, one of the biggest IPOs ever, ended up 38
percent at $93.89 on massive volume. However, because the Chinese
online retailer's stock is traded on the New York Stock Exchange and
is not an S&P 500 component, its gains were not reflected in major
indexes.
The day's early gains, which took the Dow and S&P 500 to fresh
records, came after Scotland voted to remain in the UK, removing the
risk that independence would sow financial, economic and political
uncertainty during months of negotiations.
"Theoretically we could have had a pretty ugly selloff" had the
Scotland vote had gone another way, said Phil Orlando, chief equity
market strategist at Federated Investors, in New York. "The fact
Scotland did the right thing removed that overhang from the
market... the market got to focus on Alibaba, which was a positive."
An index of European shares <.FTEU3> ended up 0.25 percent, having
closed before U.S. stocks gave up sharp gains on a drop in large-cap
technology shares. Yahoo Inc <YHOO.O> fell 2.7 percent to $40.93,
while Oracle Corp <ORCL.N> lost 4.2 percent to $39.80 a day after
reporting results.
The Dow Jones industrial average <.DJI> rose 13.75 points, or 0.08
percent, to end at 17,279.74. The Standard & Poor's 500 Index <.SPX>
was down 0.96 points, or 0.05 percent, at 2,010.40. The Nasdaq
Composite Index <.IXIC> was down 13.64 points, or 0.30 percent, at
4,579.79.
The benchmark 10-year Treasury note was up 14/32, the yield at
2.5781 percent.
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MSCI's global share index <.MIWD00000PUS> dipped 0.16 percent but
still had its fifth weekly gain in the last six, while U.S. indexes
had their sixth positive week in the past seven. Equities have been
boosted of late by further assurances that interest rates are likely
to remain at record lows in many major economies for some time.
The dollar index <.DXY>, which tracks the currency against a basket
of six peers, rose 0.5 percent to 84.76, near its strongest level in
more than four years. The euro shed 0.7 percent to $1.2835.
Brent crude <LCOc1> rose 0.6 percent to $98.27 per barrel while U.S.
crude <CLc1> slipped 0.5 percent to $92.60.
Traditional safe-haven gold fell 0.7 percent while silver lost 3.4
percent in its biggest one-day decline since December. Copper
<CMCU3> dipped 0.1 percent.
(Editing by Dan Grebler and Meredith Mazzilli)
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