The Nasdaq set a new high led by a rebound in technology, healthcare stocks, and on optimism that Greece would avoid defaulting on its debt. Bobbi Rebell reports.
The Nasdaq hitting a new all-time high on Wednesday, with the other major U.S. indexes also in the plus column. A rebound in technology and healthcare stocks, as well as optimism about the Greek debt situation helping to lift shares. Charles Schwab's Jeff Kleintop: SOUNDBITE: JEFF KLEINTOP, CHIEF GLOBAL INVESTMENT STRATEGIST, CHARLES SCHWAB, (ENGLISH) SAYING: "Markets are very volatile. Every little data point is being extrapolated to see what it means for the Fed. I think, what we will see is firming economic data. While it does mean, the Fed is likely to raise interest rates. It's also good news for the stock market." It was a tale of two luxury retailers. Shares of Michael Kors fell 24 percent, hitting a two and a half year low, after the handbag maker reported its slowest quarterly revenue growth since it went public in December 2011. Michael Kors' rivals Coach, Kate Spade and Fossil shares all fell in sympathy on Kors' report of lower tourist traffic, weak watch demand and shipping delays caused by the West Coast port disruptions. However, Tiffany's shares jumped after the luxury jeweler's quarterly profit beat estimates. Apple stock moving higher. CBS Chief Leslie Moonves saying, he met with Apple last week to discuss a TV deal. Laggards included software maker for human resource services, WorkDay. Shares continued to lose steam a day after the company forecast current-quarter billings below market expectations and reported a bigger than expected first quarter loss. Shares of GlobeImmune tanked by more than 50 percent after its hepatitis B drug failed in a mid-stage trial. In Europe, stocks rebounded from a one-week low on reports of a staff-level agreement between Greece and its creditors.