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Techs post solid gains
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February 23, 1999: 4:44 p.m. ET
Microsoft bounces back, AboveNet scores, uBid skyrockets 32 percent
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NEW YORK (CNNfn) - Technology-related stocks powered higher for a second consecutive day Tuesday, shrugging off fears they are overvalued as sector players drank up praise from the nation's top banker.
Plaudits for the tech sector from Federal Reserve Chairman Alan Greenspan, despite expressing a concern about high stock values, put wind in the sails of the Nasdaq Composite index. It rose 32.46 points, or 1.39 percent, to 2,374.47.
Reeling in a big fish Tuesday was AboveNet Communications (ABOV), up 2 to 31-3/8 after the Internet services company said it won a three-year contract with Dow component AT&T (T).
Bellwether software maker Microsoft (MSFT) gained 6-5/8 to 155-7/16. In the ongoing saga that the government's antitrust trial against Microsoft has become, the software company said Tuesday it offered incentives to rival web browser maker Netscape Communications (NSCP) to use Microsoft technology.
And Intel (INTC) picked up 1-7/16 to close at 134-1/4. The top computer-chip maker, which is set to roll out its new Pentium III microprocessor on Friday, said Tuesday it expects e-commerce revenue for the industry to hit $1 trillion in the next few years.
In the Internet sector, movie distributor Trimark Holdings (TRMK) rose 5/16 to 21-1/2 after announcing an agreement with Broadcast.com (BRCM) to distribute its library of films over the Internet.
Shares of uBid (UBID) skyrocketed 19, or about 32 percent, to 78 after Morgan Stanley Dean Witter analyst Mary Meeker delivered bullish comments about prospects for Internet stocks.
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