NASDAQ sets another record
Technology issues carried the day again Tuesday pushing the NASDAQ up 15.36 point to 1737.27, setting a new all-time high for the fourth consecutive day.
The Dow also continued its prowess, closing up 78.09 points to 8178.31.
Networking stocks led the rally as Cisco Systems Inc. finished up $2.13 per share to $81.69 after Oppenheimer & Co. upgraded the stock to a "buy" rating from a "market perform." 3Com Corp. got a boost after UBS Securities started the stock with a "buy" rating, pushing its stock up 75 cents per share to $55.
Among software developers, McAfee shares rose $3.88 per share to $63.75 after company officials said its third-quarter earnings will exceed analysts' expectations by 1 cent per share. Microsoft Corp. picked up $1.38 per share to $136.50 while Oracle Corp. gained 47 cents per share to $37.53.
On the hardware side, Intel Corp. closed up $1.75 per share to $95.28. PC makers Dell Computer Corp. and Compaq Computer Corp. rose 31 cents per share and 25 cents per share, respectively.
FileNet Inc. rose $1.63 per share to $24.50 on news that it would report third-quarter earnings of 12 cent per share, doubling First Call estimates.
E*Trade Group Inc., ironically, suffered through a miserable day of trading. The online trading service lost $5.31 per share to $34 after competitors AmeriTrade Holding Corp. and Fidelity Investments slashed prices on their online trading services.
GTE Corp. picked up $1.50 per share to $50.50 and AT&T Corp. rose $1.50 per share to $45.44 after rumors of a possible merger between the two telecommunications giants roared through Wall Street.