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S&P surges to 4-month high boosted by Cisco
THE S&P 500 closed at its highest in more than four months yesterday on signs of German support for the European Central Bank’s effort to fight the region’s debt crisis, and as Cisco Systems led gains in the tech sector after a dividend hike.
The Dow Jones industrial average rose 85.33 points, or 0.65 per cent, to 13,250.11. The S&P 500 Index gained 9.99 points, or 0.71 per cent, to 1,415.52. The Nasdaq Composite added 31.46 points, or 1.04 perc ent, to 3,062.39. Among key stock movers, Cisco Systems rose 9.6 per cent to $19.02 a share after the world’s largest network equipment maker reported better-than-expected results and raised its dividend.