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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58393)	1/4/2002 2:48:35 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Techs Shine Bellwethers Predicted to Turn Markets Around The Associated Press abcnews.go.com N E W Y O R K, Jan. 3 — An analyst's bullish comments about Intel sent stocks higher today as investors bet the sector would lead a market recovery. Analysts said investors were buying in what they hoped was the early stage of a tech turnaround despite economic news that suggested business is still weak. The broader market also moved higher, although its advance was less spectacular as buyers gravitated toward technology. "Whenever you can get a story that's positive for technology, it's going to move that sector," said Barry Hyman, chief market strategist at Ehrenkrantz King Nussbaum. "Intel is a large-cap leader in the sector and it needs to participate for there to be a recovery." Investors bid Intel up $2.52 to $35.52 after a J.P. Morgan analyst recommended the stock because of what he believes are improving business conditions. That assessment gave Wall Street a reason to believe that momentum might be returning to the beleaguered tech sector, which has stagnated for the last year on a mix of terrible earnings and anemic demand. The resulting buying spread across technology stocks. Intel competitor Applied Micro Devices rose $2.98 to $19.37. Software maker Oracle also advanced, gaining $1.31 to $15.29. General Motors gained 71 cents to $49.35, while Ford rose 51 cents to $16.73, after both companies said 2001 would probably be their second-best sales year ever, even though sales fell from 2000.