|
Wall St.'s passion cools off
|
 |
November 11, 1998: 11:43 a.m. ET
Blue chips turn blue despite robust rally among technology stocks
|
NEW YORK (CNNfn) - An early rally on Wall Street fizzled by midday Wednesday, despite a sizzling technology sector.
Shortly before 11:30 a.m. the Dow Jones industrial average was 15.19 points higher at 8,879.17. On the New York Stock Exchange, advances narrowly led declines 1,306 to 1,289 as 281 million shares changed hands.
The Nasdaq Composite jumped 15.48 to 1,881.10 and the broad S&P 500 index inched down 0.32 to 1,127.94. (Click here for a look at today's CNNfn market movers)
The bond market was closed due to the U.S. Veterans Day holiday.
The dollar eased against the Japanese yen and the German mark in trading limited by the U.S. holiday.
Tech stocks on fire
Technology and Internet issues led the crowd of buyers, as investors appeared thrilled by prospects of strong computer demand and solid earnings in the sector.
Shares of chip-maker Intel (INTC) soared 5-3/8 to 102-15/16 after late Tuesday the company predicted strong revenue growth in the fourth quarter.
Intel's rosy outlook helped boost shares of computer-maker Dell (DELL) 2 to 72-5/16, and other technology giants followed suit. Software titan Microsoft (MSFT) gained 1-5/8 to 113-11/16. Dow component IBM (IBM) rose 1-15/16 to 157-15/16 and Compaq (CPQ) gained 1-1/2 to 34-3/8 as the world's leading computer maker announced a boost for its made-to-order sales program.
Among Internet stocks, shares of online music retailer K-Tel (KTEL) surged 12-1/4, or more than 53 percent, to 35-3/16, still banking on Tuesday's announcement that Microsoft's MSN Shopping Channel will feature K-Tel's online music and video service.
Others weren't far behind, with search engine Excite (XCIT) gaining 2-1/8 to 53-3/4. Excite said it had signed a deal with Bank One to provide banking services online. But online auctioneer eBay (EBAY) fell 1-1/8 to 129-3/4 after Donaldson, Lufkin & Jenrette downgraded the stock to "market perform" from "buy" because of its high valuation. 
-- by staff writer Malina Poshtova Zang
|
|
|
|
|
 |
|
