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Wall Street Rises on Microsoft Euphoria US stocks climbed as markets cheered news that Microsoft will give back more than $75 billion to investors in the coming years through the biggest-ever one-time dividend, as well as higher regular dividends and stock buybacks. Investors were also looking forward to the second day of Alan Greenspan's testimony to Congress. The Dow Jones Industrial Average climbed 0.7 per cent to 10,214.70, while the S&P; 500 rose 0.6 per cent to 1,114.94. The Nasdaq added 0.7 to 1,930.87. Microsoft shares climbed 3.5 per cent to $29.32 as investors applauded its plans to dispense much of its cash pile. The software company will make a special dividend payment of $3 per share, equivalent to $32 billion, on December 2, pending shareholder approval, as well as doubling the regular dividend to 32 cents per share, for about $3.5 billion a year. The company will also buy back $30 billion of its shares over the next four years. Sun Microsystems was another early gainer, up 1.7 per cent to $4.18, after the company swung to a profit in the second quarter, mainly owing to a gain from a legal settlement with Microsoft. Texas Instruments rose 1.8 per cent to $22.14, after the chipmaker reported a nearly four-fold rise in its second-quarter profit thanks to record revenue in its wireless business. JP Morgan lifted 2 per cent to $37.14, in spite of swinging to a loss because of a $2.3 billion charge for litigation reserves. Mercury Interactive, the software maker, fell 13.5 per cent to $36.95 after the company unveiled lower profits on rising costs. Honeywell International rose 2.1 per cent to $36.64 on a 13-per cent rise in profit thanks to growth in businesses such as aerospace. Schering-Plough shares added 2.3 per cent to $19.22 after the company reported a loss on lower sales. On Tuesday, the Dow added 0.5 per cent to 10,149.07, while the S&P; 500 rose 0.7 per cent to 1,108.67 and the Nasdaq climbed 1.8 per cent to 1,917.07. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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