News that Microsoft’sVista operating system won’t be available in time for the all-important holiday shopping season sent an early shudder through the tech sector on Wednesday, but stocks managed to recover to end the day with solid gains.
Microsoft lost 2% on the news that its next-generation operating system won’t be available in time for the fourth quarter, which accounts for nearly 30% of annual computer sales, according to analysts.
The rest of the tech sector followed Microsoft lower to start the day, but stocks climbed back to close near their highs on a decline in energy prices and bond yields.
The Nasdaq rose 9 to 2303, the S&P 500 gained 8 to 1305, and the Dow climbed 82 to 11,317. Volume declined to 2.04 billion shares on the NYSE, and 2.16 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 19-10 on the Nasdaq. Upside volume was 72% on the NYSE, and 59% on the Nasdaq. New highs-new lows were 104-39 on the NYSE, and 115-52 on the Nasdaq.
After the close, Jabiland Xyratexrose on their results, while Adobefell after beating earnings and sales estimates but lowering current quarter guidance.
During the day, Onyxclimbed after CDCraised its takeover offer.
Juniperand Research in Motionfell on downgrades.