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Nasdaq rises again as tech rally continues
Reuters Story - December 30, 1997 16:53
%BUS %US %ELI %ENT %HOT %STX %.O MSFT INTC DELL PLAT V%REUTER P%RTR
NEW YORK, Dec 30 (Reuters) - The Nasdaq continued its
year-end rally on Tuesday as investors flocked to large
capitalization technology stocks, traders said.
The Nasdaq Composite Index unofficially was up 27.58 points
to 1565.03, a jump of 1.79 percent.
Traders said the technology rally carried over from Monday
the momentum generated by Microsoft Corp , which had
another strong day on Tuesday -- up 3-15/16 to 130-1/4.
"The big guys, the Intels and whatnot, seemed to be acting
okay," one trader said.
Year-end buying should continue to lift the market for the
next few weeks, until the next wave of quarterly earnings
reports throws cold water on this rally, he said.
"For the time being, I don't see why any of these things
should be trading down," the trader said. "There's going to be
a lot of demand for stocks."
Intel Corp was up 14/16 to 71-11/16 and Dell
Computer Corp rose 2-3/16 to 85-1/16.
Platinum Technology Inc rose 4-11/64 to 28-11/64
after announcing a marketing and licensing pact with Intel.
Advances led declines, 2748 to 1897, on volume of 771
million shares.
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