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TECH STOCKS: A Faltering Ascension

Traders swung between optimism about the second half of 2003 and worries about jobless claims and May retail sales.
Stocks on the whole closed up Thursday, after swinging between optimism about the second half of 2003 and worries about jobless claims and May retail sales. Wall Street analysts said traders are consolidating some of the gains realized during the stock markets' three-month rally.

PeopleSoft's stock was down 25 cents (1.4%), to $17.37, after its board rejected Oracle's $5.1 billion takeover bid. Semiconductor stocks fell for the second straight day despite a prediction by the Semiconductor Industry Association that global chip sales will grow 10.1% this year and 16.8% in 2004. The Nasdaq-100 tracking stock (QQQ) closed at $30.62, up 10 cents, or 0.33%. More than 74 million shares of the tracking stock were traded.

Our InformationWeek 100 rose eight-tenths of a point or 0.32% Thursday to close at 255.17. The Nasdaq index rose 7.6, or 0.5%, to finish the day at 1,653.62. The Dow rose 13.33 points, or 0.2%, to close at 9,196.55, while the S&P 500 rose 1.03, or 0.1%, to finish the day at 998.51.