TECH STOCKS: Markets Bounce Back - InformationWeek

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11/19/2003
05:55 PM
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TECH STOCKS: Markets Bounce Back

A stronger-than-expected report on housing helped the markets end a four-day slide.

The markets rebounded Wednesday after four days of losses, as a stronger-than-expected report on housing construction gave investors an incentive to go bargain-hunting.

Our tech-heavy indexes were mixed. At the closing bell, the Nasdaq index was up 17.9 points, or 0.95%, to 1,899.65, and the Nasdaq-100 tracking stock was up 34 cents, to $34.21, as more than 86 million shares changed hands. But the InformationWeek 100 fell 2.92 points, or 0.97%, to 298.70.

The Dow Jones industrials rose 0.7%, or 66.30 points, to 9,690.46 after a four-day loss of nearly 225 points, and the S&P 500 rose 0.8%, or 8.29 points, to 1,042.

Hewlett-Packard's share price was up 56 cents, or 2.6%, to $22.21. After the bell, the company said fourth-quarter profits more than doubled from the year-ago quarter. Other key tech stocks also fared well. Siebel Systems rose 27 cents, or 2.2%, to $12.80; Intel rose 68 cents, or 2.1%, to %32.52; Oracle rose 22 cents, or 1.9%, to $12.03; and Cisco Systems rose 32 cents, or 1.5%, to $22.05.

The markets got a boost from a Commerce Department report that housing construction rose in October to a seasonally adjusted rate of 1.96 million units, a 2.9% increase from September. It was the highest level of activity seen in 17 years and beat analysts' estimates.

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