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Markets & Stocks
Tech shares fuel rally
December 23, 1998: 12:14 p.m. ET

Dow gains more than 100 points as Intel drives big-cap technology issues
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NEW YORK (CNNfn) - A surge in large-cap technology issues fueled a strong rally in U.S. stock markets Wednesday, with the Dow Jones industrial average gaining more than 100 points in midday trading.
     Shortly after noon ET, the Dow climbed 100.93 points to 9,145.39. On the New York Stock Exchange, advances beat declines 1,537 to 1,223 on trading of 315 million shares.
     The Nasdaq Composite was up 35.76 at 2,156.74, and the S&P 500 index rose 13.98 to 1,217.55.
     Much of the rally in big-cap tech stocks was driven by Intel Corp. (INTC), which jumped 5-5/16 to 124-3/8 after Merrill Lynch raised the chipmaker's rating to "accumulate" from "neutral" and its 1999 earnings-per-share estimate to $4.25 from $3.60. Back to top

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