Strong results from Dell sent tech stocks to healthy gains on Friday, but blue chips remained under pressure on fears of slowing growth and rising inflation.
Shares of Dell soared 7.4% on the company’s strong global sales in the first quarter.
While Dell seems uniquely qualified to prosper in a commodity hardware environment, the company’s results nonetheless boosted the broader tech sector on the day.
Blue chips fared worse on falling consumer sentiment, but they cut their losses in half by the close.
HP will report its quarterly results next Tuesday, and investors took comfort in the fact that the company didn’t warn this week, despite predictions that it might do so. Also important next week will be wholesale and consumer inflation data on Tuesday and Wednesday.
The Nasdaq rose 12 to 1976, the S&P 500 lost 5 to 1154, and the Dow fell 49 to 10,140. Volume rose to 2.17 billion shares on the NYSE, and 1.88 billion on the Nasdaq. Decliners led 21-10 on the NYSE, and 17-13 on the Nasdaq. Downside volume was 73% on the NYSE, and 30% on the Nasdaq. New highs-new lows were 27-105 on the NYSE, and 145-132 on the Nasdaq.
Nvidia and Blackboard
surged on their results.
Intel climbed 1% on a Prudential upgrade, and Microsoft
rose on a new Xbox.
