RealTime IT News

Techs Gain on Deal News

The S&P 500 couldn't set a new all-time closing high on Monday, but the tech sector posted healthy gains on deal news.

The S&P briefly eclipsed its all-time closing high of 1527.46 set March 24, 2000, but ended the day lower amid blue-chip weakness.

But the Nasdaq gained nearly 1% after Alltel agreed to a private equity buyout.

Rumors of a partnership between Google and Salesforce.com also boosted the sector.

ValueClick continued to rise on takeover speculation.

Amazon shares surged 8% on upbeat comments from Citigroup analyst Mark Mahaney.

NetBank plummeted on an asset deal with EverBank that will result in a loss.

Cimatron fell on its results, while Pegasystems gained on its earnings.

The Nasdaq rose 20 to 2578, the S&P 500 tacked on 2 to 1525, and the Dow shed 13 to 13,542. Volume rose to 3.43 billion shares on the NYSE, but declined to 1.97 billion on the Nasdaq. Advancing issues led by a 19-12 margin on the NYSE, and 20-10 on the Nasdaq. Upside volume was 64% on the NYSE, and 77% on the Nasdaq. New highs-new lows were 325-21 on the NYSE, and 215-50 on the Nasdaq.