US STOCKS-Latecomers run to join Wall St’s September rally

* Stocks continue September rally after modest dip

* Apple slides at open, then cuts losses

* Dow up 0.4 pct, S&P up 0.5 pct, Nasdaq up 0.4 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates with trading volume and advance/decline figures)

By Angela Moon

NEW YORK, Sept 28 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) rose on Tuesday
as latecomers jumped onto the September bandwagon, buying up
sectors that have outperformed during the month.

The S&P 500 has risen 9.4 percent so far in September,
historically the worst month for stocks.

“When a month takes you by surprise like this, you tend to
be underexposed to stocks and overexposed in cash and bonds.
And as the quarter comes to an end, people are rushing to at
least have ownership of the stocks that have performed well and
have a good outlook. That’s causing the aggressiveness in the
market,” said Marc Pado, U.S. market strategist at Cantor
Fitzgerald & Co in San Francisco.

Sectors associated with improving economic growth have
outperformed during this rally, and those stocks once again led
Tuesday’s advance. The Philadelphia semiconductor index (.SOX: )
rose 1.7 percent for the day and was up 13.8 percent for the
month. The small-cap Russell 2000 (.RUT: ) gained 1.1 percent.
Among the S&P 500’s sectors, the consumer discretionary index
(.GSPD: ) was up 0.8 percent.

Boosting energy and commodity shares, spot gold prices
(XAU=: ) surged to a fresh record at $1,310.10 an ounce.

The Dow Jones industrial average (.DJI: ) gained 46.10
points, or 0.43 percent, to end at 10,858.14. The Standard &
Poor’s 500 Index (.SPX: ) rose 5.54 points, or 0.49 percent, to
1,147.70. The Nasdaq Composite Index (.IXIC: ) advanced 9.82
points, or 0.41 percent, to 2,379.59.

With only two days left in September, the Dow is up 8.4
percent for the month.

Walgreen Co (WAG.N: ), the biggest U.S. drugstore chain,
reported higher-than-expected quarterly earnings, helped by
strong prescription drug sales. Its shares jumped 11.4 percent
to $33.81. [ID:nN28124290]

Continuing the spurt of recent M&A activity, Endo
Pharmaceuticals Holdings Inc (ENDP.O: ) will buy private generics
maker Qualitest Pharmaceuticals for about $1.2 billion, marking
its second deal in as many months. Endo shares advanced 8.1
percent to $33.10.

TOO FAR, TOO FAST FOR TECH?

Shares of Apple Inc (Read more about Apple stock future.) (AAPL.O: ) slid as much as 5.6 percent on
rumors its No. 2 executive was departing for Hewlett-Packard Co
(HPQ.N: ), but the stock recovered as analysts dismissed the
speculation. [ID:nN28185533].

Representatives from Apple and Hewlett-Packard declined to
comment.

Apple shares shed 1.5 percent to $286.86.

HP shares closed up 0.9 percent at $41.63 amid speculation
that the IT giant may announce a replacement for its former CEO
at a financial analysts’ meeting currently being held in Palo
Alto, California.

With the Nasdaq up 12.6 percent for the month, some
analysts noted that the technology sector may be overbought on
a short-term basis.

The sector broke out of its summer trading range last week,
and was back above its 150-day moving average, outperforming
both the wider market and defensive areas, Concept Capital said
in a research note.

Wall Street had opened lower after data showed U.S.
consumer confidence fell in September to its lowest level since
February, but investors quickly brushed off the bad news.
[ID:nN28177460]

“Consumer confidence numbers are a reflection of news that
we already know. It’s now all about how companies will be
performing next quarter,” Pado said.

Continuing a recent trend, volume was light. Only 7.63
billion shares traded on the NYSE, Amex and Nasdaq, compared
with the previous year’s daily average of 9.65 billion shares.

Advancing stocks outnumbered declining ones on the NYSE by
a ratio of about 7 to 3. On the Nasdaq, two stocks rose for
every one that fell.

(Reporting by Angela Moon; Editing by Jan Paschal)

US STOCKS-Latecomers run to join Wall St’s September rally