The Nasdaq 100 index rose in midday trading Monday as investors weighed a better-than-expected reading of Midwest manufacturing with record-high crude oil prices.
The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, gained 7.60 points to 1,863.32 just before noon EDT, while the broader Nasdaq composite increased 9.56 points to 2,325.19.
Light, sweet crude for August delivery slipped 41 cents to $139.80 a barrel on the New York Mercantile Exchange. In early electronic trading, the contract hit a record $143.67.
Meanwhile, the Chicago Purchasing Managers' report on manufacturing, which tracks business conditions across Illinois, Michigan and Indiana, rose to 49.6 for June from 49.1 in May to beat analysts' expectations.
Shares of KLA-Tencor Corp., a semiconductor testing equipment maker, rose $1.87, or 4.7 percent, to $41.58. The company said Monday its board has approved a plan to buy back 15 million shares.
Shares of Electronic Arts Inc. gained $1.72, or 3.9 percent, to $45.66. A Soleil Securities Group analyst upgraded the video game publisher Monday.
Shares of Ryanair Holdings PLC added $1.11, or 4.1 percent, to $28.31.
On the declining side, shares of Sirius Satellite Radio Inc. fell 15 cents, or 7.1 percent, to $1.95. The company said Monday it expects to save $400 million in 2009 through its proposed buyout of XM Satellite Radio Holding Inc.
Shares of Level 3 Communications Inc. slipped 13 cents, or 4.2 percent, to $2.99. A Citi Investment Research analyst downgraded the company Monday.
Shares of Whole Foods Market Inc. lost 69 cents, or 2.8 percent, to $23.96 after setting a 52-week low of $23.01 earlier in the session. A UBS Investment Research analyst downgraded the grocery chain on Monday.
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