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Tech Industry

MARKET CLOSE: Techs, blue chips move higher

    Some decent economic news sparked blue-chip stocks in holiday-shortened trading Monday as the Dow Jones industrial average closed up 113 points to 10,560.67. The Nasdaq composite edged up 25 points to close at 3,991.30.

    The National Association of Purchasing Management said its manufacturing index registered a less-than-expected 51.8 reading in June.

    Economists polled by Reuters had forecast a 53.5 reading. Any reading over 50 indicates an expansion.

    "I think the turnaround in the bond market from being slightly negative to being positive encouraged a lot of people to buy financials and other interest-rate-sensitive shares," said Rick Meckler, senior managing director at Liberty View. "People believe we have seen a short-term top in interest rates."

    Oracle (ORCL) shares finished down 3 7/8 to 80 3/16 after Chief Operating Officer Ray Lane announced his resignation. Microsoft (MSFT) was unchanged at 80 while Sun Microsystems (SUNW) trimmed 1/2 to end at 90 7/16.

    Database software developer Informix (IFMX) shed 2 3/4 to a 52-week low of 4 11/16 after warning sales and earnings will miss estimates in its second quarter.

    Among widely held PC stocks, Dell (DELL) clipped 1/4 to 49 1/16; Gateway (GTW) rose 3/32 to 58 11/16; Apple Computer (AAPL) moved up 1 3/8 to 53 3/4 and Compaq (CPQ) closed off 3/8 to 25 3/16.

    Yahoo! (YHOO) gained 4 to 127 7/8. America Online (AOL) picked up 3/4 to 53 5/8 while eBay (EBAY) and Lycos (LCOS) lost 1 1/2 and 11/16 a share, respectively. Amazon.com (AMZN) rose 11/16 to 37.

    Cisco Systems (CSCO) moved up 15/16 to 64 1/2. Nortel Networks (NT) hustled up 3 3/32 to a 52-week high of 71 15/16 and Lucent Technologies (LU) tacked on 7/8 to 59 3/16.

    Intel (INTC) gained 3 3/16 to 136 7/8. Advanced Micro Devices (AMD) shot up 6 13/16 to 84 1/16 and IBM (IBM) closed up 1/4 to 109 13/16.