Technology Stocks Fuel Market GainsTechnology Stocks Fuel Market Gains
The markets broke their three-day losing streak as investors latched on to tech issues despite interest-rate fears.
May 11, 2004
The markets enjoyed a moderate upswing Tuesday, fueled largely by a rise in semiconductor issues that boosted technology stocks.
Investors bought tech shares despite their vulnerability to the impact of a potential interest-rate hike, which could come at the next Federal Reserve Board meeting in June. Fears of a rate hike sent the major indexes sharply lower during the previous three sessions. The Nasdaq was the big winner for the day. It rose 35.28 points, or 1.9%, to 1,931.35. Our InformationWeek 100 rose 5.37 points, or 1.8%, to close at 308.96. The Nasdaq-100 tracking stock rose 56 cents to close at $35.23 on volume of nearly 106 million shares. The Dow Jones industrial average closed above 10,000, one day after slipping below that mark for the first time since December. For the session, the Dow rose 29.45 points, or 0.3%, to 10,019.47. The S&P 500 rose 8.33 points, or 0.8%, to 1,095.45. See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.
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