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With technology stocks leading the way, markets surged Monday, helping recoup some of the last two weeks' losses. A rebound in the value of the U.S. dollar provided much of the rally's impetus.
Intel and Sun Microsystems increased in price nearly 4% Monday while Cisco Systems, Hewlett-Packard, and Microsoft all rose between 2% and 3%. The Nasdaq-100 tracking stock closed at $35.14, up 90 cents, or 2.7%. The stock's trading volume was moderate with more than 76 million shares changing hands.
Investors are keeping their fingers crossed that a wave of economic reports due this week will signal continued growth and indeed provide a reason for thanksgiving. A revised report on third-quarter gross-domestic-product growth is due Tuesday, as is October's report on existing home sales and this month's consumer confidence index. Wednesday will see reports on new-home sales and personal income and spending for October, among others.
Our InformationWeek 100 index rose 10.2 points, or 3.4%, Monday to close at 306.38, while the Nasdaq index rose 53.26, or 2.8%, to finish the day at 1,947.14. The Dow rose 119.26 points, or 1.2%, to close at 9,747.79, while the S&P 500 rose 16.8, or 1.6%, to finish the day at 1,052.08.