Tech charge continues
January 3, 2002: 4:31 p.m. ET
Sector stocks log solid gains as more upbeat comments trickle in.
money.cnn.com
NEW YORK (CNN/Money) - Semiconductor, computer hardware and networking stocks led the technology sector higher Thursday, with upbeat analyst comments about several companies fueling the advance.
The Nasdaq composite index, which is weighted heavily with technology names, rose 64.98 points to 2,044.23, a 3.3 percent gain on the day.
Shares of chip leader Intel (INTC: up $2.52 to $35.52, Research, Estimates) were the biggest movers on Nasdaq, rising more than 7.5 percent and helping boost other chip stocks as well as the stocks of personal computer makers.
Intel, the world's largest supplier of semiconductors, is the top supplier of PC microprocessors. As such, it frequently is regarded as a bellwether for both the semiconductor and PC industries.
Recommending that they buy Intel shares ahead of the company's fourth-quarter earnings report, J.P. Morgan told its clients in a research note Thursday its surveys indicate that PC sales in December were strong, which should alleviate some concerns about a possible inventory buildup among component suppliers. |
