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NASDAQ sets another record

Technology issues carried the day again Tuesday pushing the NASDAQ up 15.36 point to 1737.
Written by Larry Barrett, Contributor

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.

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