The record one-day surge Monday in the stock market lifted telecom stocks along for the ride.
As the Dow Jones industrial average recorded a single-day gain of 936 points on news that global political leaders plan to work together to work out the current financial mess, Qwest shares gained 26 percent, moving from $2.18 to $2.74. Qwest's leap is attributed to a combination of signing a deal with the CWA and getting an upgrade from Morgan Stanley.
Sprint picked up 16.4 percent in daily trading, opening at $3.95 and closing at $4.21 for the day. AT&T, part of the Dow Jones basket, rose 16.3 percent and $3.65 per share to close at $26.07. The only relative yawner of the day was Verizon, moving 8.1 percent and $2.16 a share to close at $28.93.
Equipment suppliers also saw gains yesterday, with Alcatel-Lucent going up 48 cents and nearly 21 percent, while Motorola went up 19 percent for the day.
The Dow Jones Wilshire Telecommunications Indexes were also up for the day, with a 12.6 percent gain to 985 points for the Fixed Line Telecommunications Index and a 10.4 percent gain for the Telecommunications Equipment Index.
For more:
- MarketWatch reports on Monday's telecom stock surge.
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