Blue chip stocks moved higher yesterday, buoyed by a pre-election spending spree that sent the Dow Jones industrial average as high as 11,000.

But technology issues could not keep up, weighed down by investors concerns about Cisco Systems' earnings.

Analysts cautioned against reading too much into the Dow's rally, saying uncertainty still rules the markets.

"You're a day before a presidential election that nobody can get their arms around, so there's gravitation toward buying safe blue chips," said Larry Wachtel, a market analyst at Prudential Securities.

The Dow Jones industrial average closed up 159.26, or 1.5%, at 10,977.21, losing some ground after hitting 11,000 for the first time since mid-September.