Amazon.com (NASDAQ: AMZN) and eBay (NASDAQ: EBAY) led tech stock gains Monday as financial markets stabilized on hopes that Dubai’s debt crisis can be contained.
Amazon and eBay rose on reports of strong online retail sales. Amazon shares hit a new all-time high, helped in part by the company’s announcement of record Kindle sales.
But other online retailers, like Overstock.com (NASDAQ: OSTK) and Blue Nile (NASDAQ: NILE), were left out of the retail rally, and traditional retailers like Wal-Mart (NYSE: WMT) and Target (NYSE: TGT) were also weak.
AMD (NYSE: AMD) and Micron (NYSE: MU) led chip sector gains after the Semiconductor Industry Association reported a 5.1 percent gain in October sales.
GSI Technology (NASDAQ: GSIT) soared 37 percent on new memory technology.
But the rest of the tech sector posted only modest gains, with Microsoft (NASDAQ: MSFT), Google (NASDAQ: GOOG), Cisco (NASDAQ: CSCO), Intel (NASDAQ: INTC), Dell (NASDAQ: DELL), Apple (NASDAQ: AAPL), Oracle (NASDAQ: ORCL) and Research in Motion (NASDAQ: RIMM) among the names moving less than 1 percent.
The broader market also rose modestly following two days of selling in overseas and U.S. markets on fears that Dubai’s debt crisis could spread to other emerging economies, as reports emerged that the crisis could be smaller than feared.
The Nasdaq rose 6 to 2144, the S&P 500 added 4 to 1095, and the Dow gained 34 to 10,344. Volume rose to 3.9 billion shares on the NYSE, and 2.01 billion on the Nasdaq. Advancers led by a 21-15 margin on the NYSE, and 14-13 on the Nasdaq. Upside volume was 58 percent on the NYSE, and 57 percent on the Nasdaq. New highs-new lows were 105-51 on the NYSE, and 42-45 on the Nasdaq.
