Techs Lead Market Rebound
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After two dismal trading days to finish last week, stocks rebounded strongly on Monday, with several technology companies leading an ascent that helped pushed the Dow over the 10000 mark.
The ISDEX http://www.wsrn.com/apps/ISDEX/ gained 5 to 122, while the Nasdaq climbed 51, or 3.2%, to 1652. The Dow shot up 169 points, or 1.7%, to 10109 and the S&P 500 rose 19.6, or 1.9%, to 1075.
Among the leading tech gainers was Sun Microsystems (NASDAQ:SUNW), which advanced 7% to $6.71 in heavy trading after announcing an alliance with Yahoo to drive the adoption and usage of enterprise portals. Yahoo (NASDAQ:YHOO), gained 3.4% to $15.98.
Cisco Systems (NASDAQ:CSCO), inched up 1.2% to $15.61 as the network equipment maker continued to benefit from last Wednesday's strong earnings report.
Chip maker Intel (NASDAQ:INTC) advanced 5.1% to $28.38 as financial firms commented favorably about the chip sector. Chip equipment manufacturer Applied Materials (NASDAQ:AMAT) soared 7.9% to $25.58 in anticipation of what is expected to be a positive quarterly report following Tuesday's market close.
Not all tech stocks moved north on Monday. Among the losers was ailing telco WorldCom (NASDAQ:WCOM), which dropped 8.9% to $1.44. WorldCom is facing bankrupty after ratings firms last Thursday downgraded the company's debt to "junk" status.