Stocks Rise On Sales Forecast of Microsoft
U.S. stocks advanced yesterday for the first day in four as Microsoft raised its fiscal 2004 revenue forecast and an analyst said sales growth at McDonald's has accelerating this month.</br></br>The Standard & Poor's 500-stock index climbed 11.59 points, or 1.2 percent, to 993.32. More than 80 percent of the index's members closed higher.</br></br>The Dow Jones industrial average rose 137.33, or 1.5 percent, to 9188.15. Twenty-seven of the Dow's 30 members advanced.</br></br>The Nasdaq composite index increased 10.48, or 0.6 percent, to 1708.50 as Ericsson, the world's largest maker of wireless equipment, said its quarterly loss narrowed more than analysts predicted.</br></br>"The overall tone of business results is good," said Erick Maronak, who helps manage $2 billion for KeyCorp's Victory NewBridge unit. "I don't think they're stellar, but I think they're good enough reports that the rally we've experienced so far this year should be sustained."