Tg, >>By Cecily Fraser, CBS MarketWatch
Last Update: 10:40 AM ET Jun 28, 1999 Tech Report
Internet Daily
NEW YORK (CBS.MW) -- Technology stocks were mostly higher Monday, led by shares of Microsoft and Cisco Systems ahead of this week's closely watched Federal Reserve policy meeting.
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Updated:
6/28/99 11:42:12 AM ET
The Morgan Stanley Technology Index. rose 0.6 percent. The Pacific Exchange Technology Index was up 0.5 percent, and the Nasdaq 100 added percent. The American Stock Exchange-traded Nasdaq 100 security (QQQ: news, msgs) rose 7/16 to 109 3/4.
The Fed meets Tuesday and Wednesday to discuss a possible U.S. interest rate boost. The tech sector has been under pressure in recent weeks since the Federal Reserve first indicated it might raise U.S. interest rates. Higher rates can hurt stocks by limiting companies' corporate growth.
Many market participants believe a 25 basis-point hike in short-term rates is likely. See Bond Report.
With interest rate jitters in the background, the tech sector lagged behind gains made by broader market indices. The Dow Jones Industrial Average ($INDU: news, msgs) jumped 96.25 points to 10649.45. The Nasdaq Composite (COMPQ: news, msgs) climbed 11.25 points to 2563.90.
The software group was a standout. The CBOE Software Index rose 1.4 percent as Microsoft (MSFT: news, msgs) shares gained 11/16 to 85 5/8. Also lending a hand to gains were shares of Novell (NOVL: news, msgs), up 1 to 26.
Networking shares took a close second. The Amex Networking Index was up 0.7 percent amid gains by shares of Cisco Systems (CSCO: news, msgs), up 7/16 to 61 3/4. Lucent Technologies (LU: news, msgs) added 5/8 to 64 5/16.
Strength eluded the Internet group as the Goldman Sachs Internet Index fell 1.8 percent, and the Amex Internet Index dipped 0.6 percent.
Shares of online services giant America Online (AOL: news, msgs) shrugged off 7/8 to 101 15/16.
Amazon.com (AMZN: news, msgs) shares gave back 2 7/8 to 107 5/16. DoubleClick (DCLK: news, msgs) lost 5 1/4 to 70 11/16. Yahoo (YHOO: news, msgs) shares were down 3/4 to 146 1/8.
The Philadelphia Semiconductor Index, which tracks 16 chip and chip equipment makers, fell 0.4 percent. Advanced Micro Devices (AMD: news, msgs) shares fell 1/8 to 17 1/8; Micron Technology (MU: news, msgs) lost 3/4 to 38 9/16. AMD's rival Intel (INTC: news, msgs) was flat at 55 3/8.
On the PC scene, the Goldman Sachs Computer Hardware Index jumped 0.3 percent. Shares of IBM (IBM: news, msgs) rose 7/16 to 123 9/16. Hewlett-Packard (HWP: news, msgs) rose 13/16 to 93 7/16.<<
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