Technology stocks romped in late afternoon trading yesterday as investors scoured the marketplace for bargains, one day after the Nasdaq ended November with its worst monthly performance in 13 years.

"If you can pick through the rubble here there are some amazing companies trading at pretty good valuations with good three-to-five year outlooks," said Noah Blackstein, vice president and portfolio manager at Dynamic Power American Fund with $230 million in assets. "It's an enormous opportunity."

Investors also are crossing their fingers that this week's drubbing on Wall Street and the softening of the US economy will persuade the Federal Reserve to lower interest rates soon.

The technology-rich Nasdaq Composite Index surged 47.36 points to 2,645.29, buoyed by gains in some of the same heavyweights that just a day before had helped send it down more than 4 per cent in frenzied trading. The broader Standard & Poor's 500 Index rose 0.22 points, to 1,315.17.