Nasdaq rallies on techs, index ends week higher
Reuters Story - September 25, 1998 16:47
NEW YORK, Sept 25 (Reuters) - Nasdaq stocks rebounded Friday and closed the week higher as gains in Dell Computer
and internet shares powered a rally in technology stocks.
The Nasdaq Composite rose an unofficial 23.33 points or 1.36 percent to a level of 1743.67, with the number of declining
shares leading advancing shares 2,160 to 1,919.
The index ended the week with a gain of nearly 80 points, or 4.80 percent.
Friday's recovery was led by Internet stocks such as Excite Inc , which advanced 1-3/4 to 40-7/8, and Yahoo , which rose
5-3/4 to 121.
Amazon.com Inc rose 7-1/8 to 109-1/4, while Lycos Inc gained 1-9/16 to 35-3/16.
Blue chip technology stocks also performed well, led by Dell, the most actively traded Nasdaq issue.
Dell rose 2-12/16 to 66-1/16 after saying sales were strong despite problems in Asia and Latin America and that its sales
growth in the next three years would above the 17 percent it expects for the rest of the industry.
Bellwether Intel Corp firmed 3 to 88-5/16, while Microsoft Corp closed up 2-15/16 at 113-1/16.
Traders said U.S. stocks strengthened as investors looked toward next week's Federal Open Market Committee meeting,
where there is a chance that Federal Reserve Chairman Alan Greenspan will cut interest rates.
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