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Friday's Tech Stocks: Blue Chips Outpace Technology Issues

A Fed official's statement that there's no looming hike in interest rates boosted the Dow, but disappointing news from IBM and Nokia held down tech stocks.
Blue chips outdid tech issues on Friday after the Federal Reserve said it wasn't close to raising interest rates. Disappointing news from IBM and Nokia weighed on technology shares. Economic reports were mixed.

The Dow Jones industrials ended the day up 54.51, or 0.5%, at 10,451.97. The Nasdaq Composite Index fell 6.43, or 0.3%, to close at 1,995.74, and the Standard & Poor's 500 index gained 5.73, or 0.5%, to close at 1,134.57. For the week, the Dow rose 0.1%, but the S&P 500 fell 0.4% and the Nasdaq fell 2.8%. The InformationWeek 100 index fell 2.32 to close at 328.68, a decline of 0.7%. It fell 2.8% for the week. The Nasdaq 100 tracking stock fell 6 cents to $36.09, a decline of 0.2% as more than 110.7 million shares changed hands. For the week, it was down 2%.

Blue chips like General Electric and Wal-Mart got a boost when Richmond Federal Reserve Bank president Alfred Broaddus said the central bank was "some distance" from raising interest rates to head off future inflation. Meanwhile, the Commerce Department said groundbreaking for new homes in March posted its biggest increase since last May. But a government report showed lower U.S. industrial production in March, and the University of Michigan reported a drop in consumer sentiment this month.

Among tech stocks, IBM fell $1.69, or 1.8%, to $92.28 one day after it reported a disappointing amount of new services deals. Cell-phone maker Nokia, the most active issue on the NYSE, fell $1.44, or 9%, to $14.61 after reporting that its mobile-phone margins would be squeezed until new models reach stores.

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.