TECH STOCKS: Sluggish Trading That Ends The Day Up
Yom Kippur saw listlessness among our indices, all of which posted modest gains on meager volumes.
Yom Kippur is characterized by a day of fasting, but it appears it's also an occasion to resist the temptations of Wall Street. The holiday was marked by a listlessness among our indices, all of which posted modest gains on meager volumes.
The tech sector faired well, thanks to two notable announcements: PeopleSoft Inc. said it's third-quarter earnings would be more robust than expected, and Motorola decided to spin off its chip unit to focus on its stronger communications-product business. That led to the software and communications sectors posting the strongest gains.
PeopleSoft was up 3.1%, rival Oracle rose 2.5%, and Siebel Systems also rose 2.5%. Nextel Communications rose 4.1%, Brocade Communications rose 6.9%, and Juniper Networks was up nearly 4%. The Nasdaq-100 tracking stock reflected the sector's strength, rising 16 cents, or 0.5%, to $34.35. Volume, however, was an anemic 45.3 million.
Our InformationWeek 100 index outperformed the other indices, rising 4.17 points, or 1.5%, to close at 292.43, while the similarly tech-heavy Nasdaq Composite rose 12.91 points, or 0.7%, to 1,893.48. The Dow rose 22.67 points, or 0.2%, to close at 9,594.98, and the S&P 500 rose 4.5 points, or 0.4%, to 1,034.35.
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.