Technology stocks enjoyed a modest rally in light post-holiday trading Wednesday as the Nasdaq composite gained 46 points to close at 2,539.31. The Dow Jones industrial average shot up 111 points to 10,803.16.
``It is a very tentative advance and very tranquil for the market considering the turmoil we've had over the last 12 months,'' said Ned Riley, chief investment strategist for State Street Global Advisors, which manages $740 billion.
Microsoft (MSFT) shares trimmed 44 cents to $46.44. Oracle (ORCL) lost 25 cents to $30.69 and Sun Microsystems (SUNW) inched up 6 cents to $30.38.
Network Associates (NETA) plunged $7.19 to $4.56 after warning that it will post a loss this quarter and that several key executives, including the CEO, had resigned.
Cisco Systems (CSCO) closed unchanged at $40.75. Nortel Networks (NT) picked up 88 cents to $32 and Lucent Technologies (LU) inched up 19 cents to $13.69.
``Since Sept. 1, the Nasdaq has not had more than two consecutive days up without running into a wall of selling,'' said Mark Minervini, president of Quantech Research Group. ``That knocks the market back down, and is indicative of an unhealthy market. That has to change.''
Radview Software fell 59 cents to $2.50 after missing analysts’ estimates in its latest quarter.
Intel (INTC) dropped 25 cents to finish at $32.63. Advanced Micro Devices (AMD) moved up 44 cents to $14.56 and IBM (IBM) closed off 13 cents to $84.69.
Among widely held PC stocks, Dell (DELL) added 56 cents to $18.06; Compaq Computer (CPQ) moved up 37 cents to $15.91 and Apple (AAPL) rose 13 cents to $14.81.
Yahoo! (YHOO) closed off $1.44 to $29.75. Amazon.com (AMZN) and CMGI (CMGI) trimmed 6 cents and 28 cents a share, respectively. eBay (EBAY) picked up 56 cents to $35.25 and America Online (AOL) closed down $2.60 to $35.90.>