Visa Charges Higher; Strong Start to March as Nasdaq Closes Above 5,000

Stocks kicked off the new month strong with the Nasdaq closing above 5,000, the first time since March 2000 at the peak of the tech bubble. The Dow Jones Industrial and S&P 500 added firm gains. Tech giants Cisco (CSCO) and Intel (INTC) pushed the blue chips higher. But it was Visa (V) that was the Dow's best performer. Shares lifted after striking a deal with Costco (COST) on a new credit card agreement with Citigoup (C). This replaces the wholesaler's long-standing, exclusive agreement with American Express (AXP). Rival Mastercard (MA) also charged higher. The credit card issuer lifted its block in Cuba, allowing holders to use the card in that country. There were some laggards in the session including Sotheby's (BID). Investors walked away from the stock after the auction house missed earnings, despite beating on revenue.