Tech rally boosts Nasdaq; stocks post a win | The Honolulu Advertiser

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Tech rally boosts Nasdaq; stocks post a win | The Honolulu Advertiser | Hawaii's Newspaper

Posted at 11:20 a.m., Monday, June 24, 2002

Tech rally boosts Nasdaq; stocks post a win

By Lisa Singhania
Associated Press

NEW YORK – A burst of buying set off an afternoon tech rally on Wall Street today, reversing an earlier selloff that sent the Nasdaq composite index briefly below the closing low it reached after the Sept. 11 terror attacks. The major stock indexes had their first winning session in a week. But declining issues outnumbered advancers on the New York Stock Exchange, an indication that the rally was less than whole-hearted. Analysts said the gains reflected buying by traders to cover bets that stocks would fall further rather than any improvement in investor confidence. The approach of the end of the second quarter on Friday also increased the volatility

The technology-dominated Nasdaq closed up 19.38, or 1.3 percent, at 1,460.34, according to preliminary calculations, rebounding from an earlier decline of 26 points that put the index 9 points below its Sept. 21 close of 1,423.19.

Other indicators also recovered. The Standard & Poor's 500 index, which had come within 8 points of its Sept. 21 close, advanced 3.58, or 0.4 percent, to 992.72.

The Dow Jones industrial average rose 28.03, or 0.3 percent, to 9,281.82, putting it more than 1,000 points above its Sept. 21 finish. All three indexes last closed higher June 17.

Declining issues led advancers 3 to 2 on the NYSE, while on the Nasdaq Stock Market, advancers had a better than 3-to-2 lead over losing stocks.

Volume came to 1.55 billion shares, compared with 1.81 billion Friday. Volume was unusually heavy Friday because it was what's called a triple-witching session, the quarterly expiration of index futures and index and stock options.

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