News that Microsoft’sVista operating system may ship on time gave the tech sector a boost on Friday.
The news helped Microsoft’s shares and also benefited the likes of HPand AMD. Microsoft gave back some of its gains later in the day on comments from an S&P analyst that its shares are fully valued.
The Nasdaq moved within 1% of its post-2002 high on the news, and blue chip stocks reluctantly came along for the ride despite margin concerns at GEand unexpectedly weak September retail sales.
LightPathsoared after raising guidance, while MSCfell on its outlook.
Overlandtumbled on the loss of a tape storage deal with Dell, and Saifunalso fell after losing business.
Acme Packetand eHealthhad stellar IPOs.
Red Hatfell on a Jefferies downgrade on potential competition from Oracle.
The Nasdaq rose 11 to 2357, the S&P 500 added 3 to 1365, and the Dow gained 12 to 11,960. Volume declined to 2.48 billion shares on the NYSE, and 2 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 18-11 on the Nasdaq. Upside volume was 62% on the NYSE, and 73% on the Nasdaq. New highs-new lows were 312-10 on the NYSE, and 235-39 on the Nasdaq.