|
| UPDATED: 2006-04-04 |
 Tech-Heavy Nasdaq Hits 5-Year High 
By: David Utter 2006-04-04 The Nasdaq index closed at $2,345.36, exceeding the February 16, 2001 closing price of $2,425.38; Google rose above $400 amid rumors of a forthcoming music download service from the search advertising company. The market in general finished on a higher note amid reports that a couple of members of the Federal Reserve opined inflation in the US is under control. Bloomberg reported Richmond Fed Bank President Jeffrey Lacker and Dallas Fed Bank President Richard Fisher "helped alleviate some of the inflation concern." That may not be enough signal a hiatus on the quarter-point increases to the key rate the Fed has enacted 15 straight times. The Federal Reserve under new chairman Ben Bernanke moved the benchmark key rate to 4.75 percent in March and could increase it to 5 percent in May. Despite that potential, Nasdaq and other markets crept upwards. Google (NASD:GOOG) jumped $14.64 to $404.34 in trading today. The company recently joined the S&P 500 and will announce its quarterly financials later this month. A music service from Google with the variable pricing levels coveted by the major music labels could be in the works. Forbes noted speculation from the research firm Caris & Company on the topic. This comes in the wake of Google's recent networking event with a group of music executives in San Francisco. Google dismissed rumors of a music service while acknowledging the event, CNET's (NASD:CNET) Elinor Mills said last week: "This is a networking event, typical of networking events we hold across a variety of industries and topic areas," Google said in an e-mail statement. "We have no plans at this time to develop a music store. Google offers a music search feature to provide users faster access to music-related information they are searching for. We offer users links to third-party sites where they can purchase music if they'd like to."
Apple (NASD:AAPL) finished down 2.36% to $61.17 as its trial in London versus Beatles music label Apple Corps prepared to return to the courtroom tomorrow for a third round of testimony as Apple Corps revived the 28-year-old running battle between itself and Apple Computer over music sales. Apple Corps claimed Apple Computer has promised to stay out of the music business, citing a 1991 settlement over the issue. Apple Computer refuted that by noting the agreement only pertains to physical music sales and not digital downloads as it offers through its iTunes Music Store. Apple Corps head Neil Aspinall provided a statement to the High Court overseeing the trial, where he alleged Apple CEO Steve Jobs told him Apple Computer was named after Apple Corps. The New York Post noted Aspinall's contention: Aspinall testified that Jobs made the comment during a discussion about plans by Apple Corps to start its own Web site, Beatles.com, to promote an anthology in 2000.
He said Jobs told him the "Apple Computer had actually been named after the Beatles' company," Aspinall claimed in a written statement submitted to the High Court in London last week. "I have enjoyed good relations with Mr. Jobs over the years, and I was not surprised that he told me this." --- Tags: Google, Apple, Nasdaq Add to | DiggThis | Yahoo! My Web | PreFound.com View All Articles by David Utter About the Author: David Utter is a staff writer for InternetFinancialNews and WebProNews covering technology and business. |
|
|||||||||||
 |
| InternetFinancialNews
is an iEntry, Inc. ® publication
© $line) {
echo $line ;
}
?> All Rights Reserved. Privacy Policy - Legal - Sitemap - Contact Us - RSS Feeds |
