ADR REPORT-ADRs rise 1 pct as Dow rallies; telecom shares jump
NEW YORK, March 5
NEW YORK, March 5 (Reuters) - U.S.-listed shares of overseas companies rose more than 1 percent on Tuesday following a rally in the main U.S. stock indexes that pushed the Dow Jones Industrial Average to a record closing high.
Shares of telecom companies jumped following a Bloomberg report that Verizon Communications is weighing options over its relationship with Vodafone Group and its joint ownership of Verizon Wireless. A full combination was among options discussed, according to the report.
U.S.-listed Vodafone Group shares were up 5.2 percent at $26.68, while shares of Sweden's Ericsson were up 2.6 percent at $12.81 and Nokia shares were up 1.7 percent at $3.53.
U.S.-listed European shares led gains overall, including shares of Total, up 1.7 percent at $50.85; and shares of SAP AG, up 2.4 percent at $81.87.
Optimism about economic growth has helped propel stocks higher. A strong reading on Tuesday in the U.S. services sector was the latest sign of improvement. But continued support for the U.S. economy from the Federal Reserve has also boosted the market.
The Dow broke through levels last seen in 2007 to hit a record intraday high as well as an all-time closing high, at 14,53.77.
Among overseas companies usually affected by signs of growth in the economy, shares of Mexico's Cemex rose 2.1 percent to $11.32.
The BNY Mellon index of leading American depositary receipts ended up 1.1 percent, while the Standard & Poor's 500 index was up 1 percent.
The BNY Mellon index of leading European ADRs rose 1.2 percent, while the FTSEurofirst 300 index of top shares closed up 1.8 percent.
The BNY Mellon index of leading Asian ADRs was up 1 percent, while the BNY Mellon index of leading Latin American ADRs was up 0.5 percent.