Tech stocks come off canvas after plunging as investors see bargains.
Published:
4 August 2000 y., Friday
A wave of bargain hunting lifted the Nasdaq composite index from a 137-point hole at mid-afternoon Thursday as investors returned to Cisco Systems, Sun Microsystems and Oracle -- all battered over the last two weeks.
In a comeback showing how fast Wall Street sentiment can shift, technology stocks, which only hours ago were shunned, drew buyers. The turnaround comes hours ahead of Friday's closely watched report on July payrolls.
But Ken Sheinberg, head of listed trading for S.G. Cowen, said both the afternoon gains and the morning losses signify little in a market concerned about how much earnings growth will slow in the months ahead.
Just before 1:30 p.m. ET, the Nasdaq rose 21.45 to 3,679.91 after falling as low as 3,521.14. The index hasn't closed below 3,600 since May.
The Dow Jones industrial average rose 4.77 to 10,692.66, after rising three straight winning sessions. The S&P 500 gained 4.46 to 1,432.02.
Still, more stocks fell than rose in moderate to heavy trading. Declining issues on the New York Stock Exchange topped advancing ones 1,566 to 1,132 on volume of 630 million shares. Nasdaq losers beat winners 2,341 to 1,350 as more than 1.1 billion shares changed hands.
Šaltinis:
CNNfn
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »