Facebook, Microsoft lead tech rally
SAN FRANCISCO (MarketWatch) -- Shares of
Wall Street got a lift from news that central bankers are prepared to act in case the coming Greek elections lead to more financial uncertainty.
Microsoft has reportedly agreed to buy Yammer, the business social-networking site for $1.2 billion, according to The Wall Street Journal citing, an unnamed source.Read John Dvorak commentary on Microsoft buying Yammer.
Facebook (FB) also posted strong gains, rising 6% to close at $30.01, as the stock recorded its first weekly gain since its controversial IPO last month.
The social-networking giant's stock ended the week up 11%, ending a negative streak that saw Facebook shares posting three consecutive weekly losses since its IPO. Facebook is still down 21% from its IPO price of $38.
The Nasdaq Composite Index (COMP) added 36 points, or 1.3%, to close at 2,873. The benchmark ended the week with a fractional gain.