Surging technology shares prompted more buying on Wall Street yesterday as investors welcomed analysts' upgrades. The Dow Jones industrial...
NEW YORK — Surging technology shares prompted more buying on Wall Street yesterday as investors welcomed analysts’ upgrades.
The Dow Jones industrial average rose 51.65 to 10,523.56, its highest since April 7.
Microsoft, one of the 30 Dow stocks, added 11 cents to close at $25.85 a share. Boeing, also a Dow stock, slipped 26 cents to $61.64.
Broader stock indicators also moved higher. The Standard & Poor’s 500 index was up 4.58 at 1,193.86 for its best close since March 15, and the Nasdaq composite index climbed 10.23 to 2,056.65, its highest close since March 10.
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Software stocks received a boost from analysts at Goldman Sachs, who upgraded the entire sector.
However, while many investors remained optimistic after last week’s rally, many remained on the sidelines ahead of the release of the Federal Reserve’s May 3 meeting minutes and the latest reading on the gross domestic product, due later this week.
“I think these economic stats will be what generates turnover in this market, but for right now, it’s good to see last week’s rally continuing here,” said Brian Williamson, an equity trader with The Boston Co.
Apple Computer gained $2.21 to $39.76 after The Wall Street Journal reported that Apple is in talks with Intel to use its chips in its Macintosh computers instead of those now provided by IBM — a move analysts thought would make Macs far less expensive — a major hurdle in Apple’s battle with cheaper PCs already using Intel processors and Microsoft’s operating system.
Intel rose 15 cents to $26.50, while IBM gained 10 cents to $76.51.
Shares of Internet search leader Google hit a record high yesterday and closed up $13.84 to $255.45 a share in heavy trading amid speculation that the stock could be added to the S&P 500 index.
If Google, which has more than tripled in value since its initial public offering in August, were added to the S&P 500, it could prompt more fund managers to buy and hold the stock in order to track the benchmark index, analysts said.
Bellevue’s Western Wireless slipped 9 cents to $39.31 after the company hired Deutsche Bank to explore options for selling its international mobile-phone assets, a strong revenue generator but a lower-margin business.
Information about Google provided by Reuters.