May 29, 2003 (01:05 PM EDT)
Tech Stocks: Techs Keep On Surging
Read the Original Article at InformationWeek
It was a mixed day on Wall Street as surging tech stocks pushed up the InformationWeek 100 and Nasdaq indexes--the Nasdaq closed at its highest level in nearly a year on very heavy trading--but the Dow and S&P 500 indexes lost some of the ground they had gained during the last five sessions.
Semiconductor and hardware stocks were among Thursday's biggest gainers. Intel's share price rose $1.09, or 5.5%, to $20.83, and Cisco Systems' price rose 34 cents, or 2.1%, to $16.62. Advanced Micro Devices and National Semiconductor also posted gains, and Qwest Communications rose 4.9% following a positive earnings report.
Good economic news from the Commerce Department that gross domestic product grew 1.9% in the first quarter, revised upward from earlier estimates of 1.6%, and positive news on the employment front appeared to have little impact on trading.
The InformationWeek 100 rose 1.92 points, or 0.8%, to close at 241.39. The Nasdaq-100 Index tracking stock rose 12 cents, or 0.4%, to $29.31. Trading volume was heavy, with 97 million shares changing hands. The Nasdaq index rose 11.71 points, or 0.8%, to 1,574.95, its highest close since early last June. But the Dow industrials fell 81.94 points, or 0.9%, to 8,711.18, while the S&P 500 fell 3.58 points, or 0.4%, to finish the day at 949.64.