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US Stock Markets Climb into Positive Territory - 2002-07-29

Following the lead of Asian and European markets, U.S. markets climbed into positive territory Monday morning following modest gains made at the final trading session last week.

Investors opened the trading week in a buying mood, pushing up shares in most sectors. The technology-weighted Nasdaq Composite Index led the way after four straight weeks of decline.

News that the nation's largest wireless telephone company, Verizon, surpassed expectations for new customer additions, spurred a rally in the battered technology sector, with wireless firms such as Nextel and Sprint profiting.

Banking shares rebounded from last week's news that industry giants Citigroup and J.P. Morgan Chase were being investigated by the federal government for their role in the collapse of the now-bankrupt Enron Corporation. Shares in both companies rose.

Quarterly earnings reports helped fuel the positive direction of Monday's markets. The Kellogg Company, the leading U.S. breakfast cereal maker, reported earnings increased 52 percent. And one of the nation's largest managed care companies, Humana, posted a 19 percent rise in profits.

Still, there was negative news as telephone service provider Qwest Communications announced it would restate its financial statements for the last three years. Quest is already under federal investigation for its accounting practices.