Techs hold gains but blue-chips slide

Tech stocks rose yesterday, though blue chips and the broader market fell as April's final day brought "window-dressing" trade…

Tech stocks rose yesterday, though blue chips and the broader market fell as April's final day brought "window-dressing" trade with little conviction and relatively light volume.

The Dow Jones and the Nasdaq Composite Index finished well under earlier highs that were reached in part on news US personal income rose a surprisingly large 0.5 per cent in March, while consumption rose 0.3 per cent, beating market forecasts.

Yesterday's trade added to the Nasdaq's big gains for the month, with the composite index unofficially rising 15 per cent in April, the fifth-best month ever, according to MarketHistory.com.

Among active issues, discount retailer Dollar General fell $7.38 to $16.50 after it said it was investigating accounting irregularities and possibly fraudulent behavior. Computer Associates slid $3.06 to $32.19 after the New York Times said the enterprise software maker had systematically overstated its revenues. The company, however, defended its business and accounting practices.