US STOCKS-Dow, S&P 500 end at record highs; Internet names jump
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By Caroline Valetkevitch
NEW YORK, May 12 (Reuters) - The Dow and S&P 500 ended at record highs on Monday while the Nasdaq rallied as shares of Internet and biotech shares advanced.
Biogen Idec jumped 4.8 percent to $300.54 and TripAdvisor Inc rose 5.8 percent to $89.51. Twitter gained 5.9 percent to $33.94 after news reports that brokerage SunTrust raised its rating on the stock to "buy."
These momentum shares have been wildly volatile in recent sessions after a sharp selloff that began in March on concerns about their high valuations.
"I think it's stabilizing a little bit for those stocks. Some would say they're still overvalued, but they've come down enough that it doesn't seem they have that much further to fall. Now people are trying to pick up bargains, and some of those stocks have been going up," said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.
The Russell 2000 index of small-cap stocks climbed 2.4 percent, its biggest daily percentage gain since early March. At its session low Friday, the index was down exactly 10 percent from the intraday record high set in early March. A correction, which is a drop of 10 percent from a recent high, is often seen as a harbinger of more weakness. The iShares Russell 2000 ETF rose 2.3 percent. Continuación...