Techs Lead Market Rebound
The ISDEX http://www.wsrn.com/apps/ISDEX/ gained 5 to 122, while the Nasdaq climbed 51, or 3.2%, to 1652. The Dow shot up 169 points, or 1.7%, to 10109 and the S&P 500 rose 19.6, or 1.9%, to 1075.
Among the leading tech gainers was Sun Microsystems (NASDAQ:SUNW), which advanced 7% to $6.71 in heavy trading after announcing an alliance with Yahoo to drive the adoption and usage of enterprise portals. Yahoo (NASDAQ:YHOO), gained 3.4% to $15.98.
Cisco Systems (NASDAQ:CSCO), inched up 1.2% to $15.61 as the network equipment maker continued to benefit from last Wednesday's strong earnings report.
Database maker Oracle (NASDAQ:ORCL) rose 5.7% to $8.47.
Chip maker Intel (NASDAQ:INTC) advanced 5.1% to $28.38 as financial firms commented favorably about the chip sector. Chip equipment manufacturer Applied Materials (NASDAQ:AMAT) soared 7.9% to $25.58 in anticipation of what is expected to be a positive quarterly report following Tuesday's market close.
Not all tech stocks moved north on Monday. Among the losers was ailing telco WorldCom (NASDAQ:WCOM), which dropped 8.9% to $1.44. WorldCom is facing bankrupty after ratings firms last Thursday downgraded the company's debt to "junk" status.
