Technology stocks shrugged off a slow start Wednesday to post strong gains as the Nasdaq composite moved up 49 points to 4,897.29. The Dow Jones industrial average gained 61 points to end at 9,856.53.
The market was unfazed by Federal Reserve Chairman Alan Greenspan's warning Wednesday morning to banks to be wary of lending money too liberally. Greenspan was speaking at a banking conference in San Antonio, Texas.
?It looks like the Dow stocks are developing some support,? said Charles Payne, head analyst at Wall Street Strategies. ?But there are still so many questions about what the Federal Reserve is going to do with interest rates.?
Oracle Corp. (ORCL) shares stormed up 8 3/16 to 83 1/8. Microsoft Corp. (MSFT) added 2 11/16 to 95 9/16 and Sun Microsystems Inc. (SUNW) closed up 1 15/16 to 96 1/4.
iPrint.com (Nasdaq: IPRT) closed up 5 3/4 to 15 3/4 in its initial public offering. FirstWorld Communications (Nasdaq: FWIS) closed up 8 to 25 in its debut.
Intel Corp. (INTC) fell 13/16 to 114 15/16 after rolling out its answer to Advanced Micro Device?s (AMD) 1 gigahertz Athlon chip. AMD shares finished off 2 7/8 to 52 1/8 and IBM Corp. (IBM) picked up 2 7/8 to 105 7/8.
Among widely held PC stocks, Dell Computer Corp. (DELL) tacked on 1 1/4 to 47; Compaq Computer Corp. (CPQ) shed 1/4 to 26 1/2; Gateway Inc. (GTW) rose 1 13/16 to 65 1/16 and Apple Computer Inc. (AAPL) closed off 7/8 to 122.
Smith Micro Software, Inc. (Nasdaq: SMSI) jumped 4 5/16 to 10 7/16 after announcing a wireless e-commerce product.
Cisco Systems (Nasdaq: CSCO) rose 5/16 to 132 3/8 after it and French computer services firm Cap Gemini said they would form a new global Internet consulting, integration and services company. Lucent Technologies (LU) lost 3/8 to 67 7/8 and 3Com Corp. (COMS) closed off 1 13/16 to 70 7/16.
Engage Technologies (Nasdaq: ENGA) plunged 10 1/2 to 167 1/2 after it reported Tuesday it lost 52 cents a share. According to First Call's corrected estimate, the company beat predictions by 6 cents a share.
Internet stocks enjoyed solid gains.
Yahoo! Inc. (YHOO) moved up 5 5/8 to 177. Amazon.com Inc. (AMZN) picked up 1/8 to 63 5/8 while Lycos Inc. (LCOS) and eBay Inc. (EBAY) shot up 7 5/8 and 21 3/16 a share, respectively. America Online Inc. (AOL) shed 1 3/8 to 55 1/8.