TECH STOCKS: The Tea Leaves Look Green - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Business & Finance
News
7/31/2003
06:46 PM
50%
50%

TECH STOCKS: The Tea Leaves Look Green

Our indexes closed in the black Thursday, but only after giving back most of the day's gains.

Our indexes closed in the black Thursday, but only after giving back most of the day's gains. Markets built up momentum early in response to upbeat gross-domestic-product and jobless-claim reports that indicate the economy's finally picking up steam.

The Commerce Department said GDP grew at a 2.4% annual rate in the second quarter, up from 1.4% in the first quarter--and much better than the 1.5% most economists predicted. The surprise was attributed to increased consumer and federal spending. Also, the number of Americans filing new claims for unemployment benefits last week fell to 388,000 from 391,000 the previous week, raising hopes that the nation's labor market may be stabilizing.

Tech stocks were among the day's biggest gainers, including Intel and Cisco Systems, whose shares were up more than 1%. EMC rose almost 6% after J.P. Morgan raised its rating on the storage-system maker, but Network Appliance's stock fell more than 7% when J.P. Morgan cut its rating on the EMC competitor. The Nasdaq-100 tracking stock (QQQ) closed at $31.77, up 35 cents, or 1.1%, on a respectable volume of nearly 80 million shares.

Our InformationWeek 100 rose 3.62 points, or 1.4%, to close at 256.56, while the Nasdaq index rose 14.23, or 0.8%, to finish the day at 1,735.02. The Dow rose 33.75 points, or 0.4%, to close at 9,233.80, while the S&P 500 rose 2.82, or 0.3%, to finish at 990.31.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
News
How GIS Data Can Help Fix Vaccine Distribution
Jessica Davis, Senior Editor, Enterprise Apps,  2/17/2021
Commentary
Graph-Based AI Enters the Enterprise Mainstream
James Kobielus, Tech Analyst, Consultant and Author,  2/16/2021
Slideshows
11 Ways DevOps Is Evolving
Lisa Morgan, Freelance Writer,  2/18/2021
Register for InformationWeek Newsletters
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll