Technology stocks roared higher yesterday, sending the Nasdaq composite index back into record territory and pushing the Dow Jones industrials firmly above 11,000. The Dow Jones industrial average rose 40.67 to 11,039.06. Broader stock indicators were also higher.

Hewlett-Packard drove the Dow. The company held an analysts' meeting this week to detail plans to cut costs and expand sales of its computer servers. The Standard and Poor's 500 rose 11.07 to 1,408.79. The Nasdaq composite shot up 99.07 to 3,452.78, topping its November 26th record of 3,447.81. The Nasdaq rose on gains from a wide range of technology stocks. Oracle, Sun Microsystems and eBay all rose sharply.

Advancing issues barely outnumbered decliners on the New York Stock Exchange, with 1,541 up, 1,528 down and 479 unchanged.

NYSE volume totalled 890.70 million shares at the close compared to 881.52 million in the previous session.