Wednesday January 10, 4:37 pm Eastern Time
U.S. technology stocks rally as money flows out of Old
Economy
(UPDATE: Updates to unofficial close)
By Haitham Haddadin
NEW YORK, Jan 10 (Reuters) - Technology stocks rallied on Wednesday as investors shifted out of defensive Old Economy
shares in a bet that interest-rate cuts would revitalize the beleaguered high-tech sector.
The Nasdaq Composite Index (^IXIC - news) gained 82.88 points, or 3.39 percent, to 2,524.18, as a late bout of buying sent
the index up about 2.2 percent year to date.
``Some on Wall Street believe that you have to look at the glass half full, and take a positive outlook,'' said Barry Hyman, chief
investment strategist for Weatherly Securities.
``Clearly, there could be some concern as we go through the earnings season ... but you have to look forward to what will
happen six or 12 months from now. There's significant upside,'' he said.
The Dow Jones industrial average (^DJI - news) turned tail, to eke out a gain of 31.72 points, or 0.30 percent, to 10,604.27,
with gains in its technology components helping it post its first positive close in five sessions. The broader Standard & Poor's
500 Index (^SPX - news) rose 12.47 points, or 0.96 percent, to 1,313.27. |
