TECH STOCKS: Chip Stocks Fuel A Rally - InformationWeek

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8/21/2003
05:54 PM
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TECH STOCKS: Chip Stocks Fuel A Rally

The markets also got a boost from good news on unemployment and other positive economic developments.

Stocks increased across all our indexes Thursday, with the Nasdaq reaching a 16-month high and the InformationWeek 100, pushed by a rally in chip stocks, surging nearly 2%. The markets got a boost from continued reductions in unemployment claims and other positive economic news.

Semiconductor makers' stocks continued a rally that began early this week. Intel shares rose 3 cents to $26.39 amid published comments from CEO Craig Barrett that business demand for PCs seems to be improving. Chip equipment makers Lam Research and Varian Semiconductor saw their shares rise 2.7% and 5.7%, respectively. Shares of network-security-software supplier Network Associates rose $1.10, or 9.1%, to $13.25. The Nasdaq-100 closed at $32.67, up 38 cents, or 1.2%. The tracking stock's trading volume was moderate, with more than 78 million shares changing hands.

The Labor Department said new claims for unemployment benefits fell by 17,000 last week to 386,000. Hopes for an improving economy also got a boost from an improvement in the mid-Atlantic manufacturing index from the Philadelphia Fed.

Our InformationWeek 100 rose 4.87 points, or 1.8%, to 270.98, while the Nasdaq index rose 17.01 points, or 1%, to finish the day at 1,777.55. The Dow rose 26.17 points, or 0.3%, to 9,423.68, and the S&P 500 rose 2.97 points, or 0.3%, to close at 1,003.27.

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