TECH STOCKS: Closing Up. Way Up. - InformationWeek

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11/24/2003
05:24 PM
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TECH STOCKS: Closing Up. Way Up.

With technology stocks leading the way, markets surged Monday, helping recoup some of the last two weeks' losses.

With technology stocks leading the way, markets surged Monday, helping recoup some of the last two weeks' losses. A rebound in the value of the U.S. dollar provided much of the rally's impetus.

Intel and Sun Microsystems increased in price nearly 4% Monday while Cisco Systems, Hewlett-Packard, and Microsoft all rose between 2% and 3%. The Nasdaq-100 tracking stock closed at $35.14, up 90 cents, or 2.7%. The stock's trading volume was moderate with more than 76 million shares changing hands.

Investors are keeping their fingers crossed that a wave of economic reports due this week will signal continued growth and indeed provide a reason for thanksgiving. A revised report on third-quarter gross-domestic-product growth is due Tuesday, as is October's report on existing home sales and this month's consumer confidence index. Wednesday will see reports on new-home sales and personal income and spending for October, among others.

Our InformationWeek 100 index rose 10.2 points, or 3.4%, Monday to close at 306.38, while the Nasdaq index rose 53.26, or 2.8%, to finish the day at 1,947.14. The Dow rose 119.26 points, or 1.2%, to close at 9,747.79, while the S&P 500 rose 16.8, or 1.6%, to finish the day at 1,052.08.

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