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The Semiconductor Industry Association (SIA) said worldwide sales of semiconductors rose 1.6 percent in November -- the second straight month of sequential growth.
From the top.
Stocks change gears and push higher
Buyers pull averages into plus column late in the day
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 4:59 PM ET Jan. 2, 2002
cbs.marketwatch.com
NEW YORK (CBS.MW) -- The market got a new year's rally after all.
Stocks, in fact, reversed course late in Wednesday's session and finished the first trading day of 2002 on an upswing, propelled by vibrant gains in the tech sector.
A better-than-expected report on the manufacturing sector also provided a favorable backdrop for stocks, though investors failed to take their cues from the release for most of the trading day.
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Tech stocks were the clear winners and chip, networking and hardware shares ended with meaty gains. Even Internet issues, down for most of the session, registered gains during the final hour of trading.
But the overall market suffered more heavy losses in the biotech sector and oil service stocks witnessed deep declines following downgrades in the group. And retail issues wavered after Kmart was slapped with an analyst downgrade. Airline and utility stocks were among the few sectors logging gains. Check market stats and latest sector performance.
The Dow Jones Industrial Average ($INDU: news, chart, profile) advanced 51.90 points, or 0.5 percent, to 10,073.40 after falling as much as 86 points. The index's frontrunners included shares of Intel, Hewlett-Packard, AT&T, Walt Disney, General Electric, SBC Communications and Philip Morris. The biggest downside movers included Boeing, Home Depot, Honeywell, 3M and Caterpillar.
The Nasdaq Composite ($COMPQ: news, chart, profile) rose 28.85 points, or 1.5 percent, to 1,979.25 while the Nasdaq 100 Index ($NDX: news, chart, profile) ran up 33.34 points, or 2.1 percent, to 1,610.39. |
