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Tech stocks cut market rout
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March 27, 2007
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US technology stocks rose on Monday, pulled higher by positive
broker comments on companies such as Dell, but renewed signs of
weakness in the housing market halted a five-day winning streak for
the Dow.
Following the start of trade, new-home sales data sent the
market tumbling, with the Dow Jones industrial average down more
than 100 points.
But, in the last hour of trade, advances in shares of tech
companies, including Apple and eBay, helped the Nasdaq turn
positive, while a 0.7 percent jump in shares of Exxon Mobil cut
some of the Dow's losses.
"The turnaround seemed to be led by a lot of technology stocks
that seemed to be having strong rallies today," said John O'Brien,
senior vice president at MKM Partners LLC in Cleveland.
"When a brokerage comes out and says the turnaround at Dell
looks solid, that helps lift part of the overall market. Dell is a
bellwether stock. It also seem's there could be more
mergers-and-acquisitions activity in tech in particular."
The Dow ended down 11.94 points, or 0.10 percent, at 12,469.07 -
ending its longest winning streak since early February.
But the Standard & Poor's 500 Index rose 1.39 points, or
0.10 percent, to end at 1,437.50. The Nasdaq Composite Index inched
up 6.70 points, or 0.27 percent, to close at 2,455.63.
Dell shares rose 3.5 percent, or 79 cents, to $US23.62 on the
Nasdaq after Goldman Sachs upgraded the computer maker's stock to
"buy" from "neutral" amid calls on Wall Street for the company to
cut jobs and improve profit margins.
Separately, Goldman Sachs raised its quarterly revenue outlook
for Internet auctioneer eBay The stock rose 4.4 percent, or
$US1.39, to $US33.22 on the Nasdaq.
Shares of Apple, the maker of the iPod digital media player,
finished up 2.5 percent, or $US2.33, at $US95.85.
But shares of bellwethers for the economy such as 3M, a
diversified manufacturer and among big consumers of fuel, declined
amid rising crude oil prices and concerns about housing. 3M shares
were the biggest drag on the Dow, down 0.76 percent, or 59 cents,
at $US77.38 on the New York Stock Exchange.
On the New York Mercantile Exchange, May crude oil settled up 63
cents, or 1 percent, at $US62.91 per barrel, the priciest
settlement since Dec. 20's $US63.72.
The contract hit an intraday high of $US63.30, the highest since
prices hit $US63.59 on December 21.
Oil prices rose on fears that supplies would be disrupted as
international tensions mounted over Iran's nuclear program and its
detention of British sailors and marines since Friday.
The rise in oil benefited Exxon Mobil, which ended up 0.65
percent, or 49 cents, at $US75.47 on the NYSE.
For the second straight month, sales of new US homes fell below
even the most bearish estimates, according to the government data.
The 3.9 percent drop in February brought the sales rate to its
lowest in nearly seven years and came amid concerns about turmoil
in the subprime mortgage lending sector.
KB Home shares dropped 1.8 percent, or 87 cents, to $US45.99,
while shares of Toll Brothers, another home builder, dropped 1.8
percent, or 53 cents, to $US28.85, both on the NYSE. The Dow Jones
Home Construction index ended off 1.7 percent.
Trading on the NYSE was moderate, with about 1.47 billion shares
changing hands, below last year's estimated daily average of 1.84
billion. On Nasdaq, about 1.80 billion shares traded, also below
last year's daily average of 2.02 billion.
Declining stocks outnumbered advancers by a ratio of about 9 to
8 on the NYSE and by about 7 to 6 on Nasdaq.
Reuters
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1174761423545-theage.com.auhttp://www.theage.com.au/news/business/tech-stocks-cut-market-rout/2007/03/27/1174761423545.htmltheage.com.auReuters2007-03-27Tech stocks cut market routBusinessBusinessNewshttp://www.theage.com.au/news/business/stocks-drop-on-weak-lead/2007/03/27/1174761428753.htmlStocks drop on weak leadtext/html-documenthttp://www.theage.com.au/news/business/stocks-rebound-after-stronger-us-lead/2007/03/15/1173722608257.htmlStocks rebound after stronger US leadtext/html-documenthttp://www.theage.com.au/news/business/markets-up-on-merger-action/2007/03/21/1174153109470.htmlMarkets up on merger actiontext/html-documenthttp://www.theage.com.au/news/business/market-rebounds-as-investors-snap-up-financials/2007/03/15/1173722604011.htmlMarket rebounds as investors snap up financialstext/html-documenthttp://www.theage.com.au/news/business/markets-rally-as-fed-favours-rate-cut/2007/03/22/1174153204513.htmlMarkets rally as Fed favours rate cuttext/html-document
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