TECH STOCKS: Rolling AlongTECH STOCKS: Rolling Along
Cisco's earnings report added more fuel to the surge in technology issues.
Tech stocks rolled merrily along Thursday, fueled by Cisco Systems' surprisingly strong earnings report after the bell Wednesday.
Our information 100 continued to climb, rising 1.98 points, or 0.6%, to 315.97. The tech-loaded Nasdaq climbed 17 points, or 0.9%, to 1,976.37, its highest close since Jan. 17, 2002.
The broader markets also rose, though not as much. The Dow Jones industrial average rose 36.14 points, or 0.4%, to 9,856.97, and the Standard & Poor's 500 rose 6.24 points, or 0.6%, to 1,058.05.
Cisco, the world's largest maker of equipment that directs Internet traffic, jumped $1.10, or 5.1%, to $22.90 and topped the Nasdaq's most-active list. The activity came one day after Cisco posted results that beat even the most optimistic analysts' estimates. The company said revenue for the current quarter would also rise. The Nasdaq-100 tracking stock rose 10 cents to $35.94, as more than 90.56 million shares changed hands.
Reports showing a plunge in weekly jobless claims and a rise in a nonfarm productivity failed to boost sentiment markedly as investors, wary after pushing stocks to 2003 highs Monday, await Friday's October employment report for more evidence that the ailing job market is on the mend.
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