Telecom and technology sector stocks rose on Monday as major stock indices closed mixed.
The S&P 500 Index rose 0.02 points, or 0.19 percent, to trade at 1,138.50. The Dow Jones Industrial Average is down 13.68 points, or 0.13 percent, at 10,552.52. The tech heavy Nasdaq Composite rose 0.25 percent.
Verizon (NYSE:VZ) shares rose 1.37 percent after it announced successful results from the testing of its 4G network in Boston and Seattle.
AT&T (NYSE:T) was up 1.16 percent and Sprint Nextel (NYSE:S) gained 3.66 percent. Clearwire (NASDAQ:CLWR), a company that provides wireless internet, rose 13.59 percent.
The American Depository Receipts (ADRs) of China Mobile (NYSE:CHL) were up 1.81 percent and those of SK Telecom (NYSE:SKM) advanced 3.44 percent higher.
Cisco (NASDAQ:CSCO), up 3.65 percent, was the strongest performing component of the Dow. Via a press release, the firm stated that on Tuesday, it will make a significant announcement that will forever change the Internet and its impact on consumers, businesses and governments.
Yahoo! (NASDAQ:YHOO), the recipient of two upgrades, is trading up 2.86 percent. According to Barron's, JMP Securities upgraded the firm because of its search outsourcing deal with Microsoft and RBC Capital did so because of the recent change to the advertisement bidding of Yahoo-owned sites.
Research In Motion (NASDAQ:RIMM), the beneficiary of a BMO Capital Markets upgrade, is up 5.60 percent.
In a day relatively free of major earnings or economic announcements, American International Group (NYSE:AIG) announced Monday it will add to the number of units it is selling.
AIG said will sell its American Life Insurance Company, or Alico, to MetLife (NYSE:MET) for $15.5 billion. AIG rose 3.63 percent and MetLife was up 5.09 percent.