New York Report: Technology stocks rose yesterday as Dell Computer's positive forecast helped spur buying in similar stocks, but the broad market was weighed down by mixed earnings reports and downbeat calls from analysts. Still, all key market gauges ended the week higher.
After Dell's news investors "are feeling more comfortable that a good, solid company can execute even in a difficult environment and I think that's encouraging," said Jeff Kleintop, chief investment strategist at PNC Advisors.
The technology-laced Nasdaq Index was up 16 points, or 1.19 per cent, at 1,361.01. The Dow Jones Industrial Average fell 40.08 points, or 0.45 per cent, to 8,778.06. The Standard & Poor's 500 Index was down 1.48 points, or 0.16 per cent, at 928.76.
But for the week, the Dow was up about 0.3 per cent, Nasdaq 4.2 per cent and S&P up 2.2 per cent. For the S&P it was the first four-week string of weekly gains since the spring of 2001. For Nasdaq, it was first back-to-back weekly gains since March.
Investors, bracing for a nasty batch of economic data, breathed a sigh of relief after US consumer sentiment, while a touch weaker than expected, stabilised in early August. - (Reuters)
