TECH STOCKS: Good News On Unemployment Boosts Markets
A drop in the number of new unemployment cases gave the markets a spark.
Wall Street shifted back into buying mode for most of Thursday before a bout of selling resurfaced late in the day, but the major indexes ultimately more than made up for Wednesday's losses. Good news came in the form of a notable drop-off in the initial jobless-claims report, which tracks the number of new applicants seeking unemployment benefits.
Leading the rebound was Yahoo, which shot up $3.96, or 10.2%, to $42.75 after delivering better-than-expected earnings news following the closing bell Wednesday. Other tech bellwethers achieved much more modest gains. Cisco Systems rose 16 cents, or 0.8%, to $20.95, Microsoft rose 12 cents, or 0.4%, to $28.94, Intel rose 10 cents, or 0.3%, to $29.77, and Sun Microsystems rose 9 cents, or 2.6%, to $3.55. The Nasdaq-100 tracking stock registered comparable gains, rising 22 cents, or 0.6%, to close at $34.65 on heavy volume of 115.9 million shares. Notable losers included Oracle, which fell 30 cents, or 2.4%, to $12.33.
The Nasdaq was the big winner among the indexes, rising 18.12 points, or nearly 1%, to 1,911.90--its highest close since March 2002--while the InformationWeek 100 rose 1.81 points, or 0.6%, to 298.80. The Dow industrials rose 49.11 points, or 0.5%, to 9,680.01, a level not seen since June 2002, and the S&P 500 rose 4.95 points, or 0.5%, to 1,038.73.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.