Tech stocks hit all-time high

Technology stocks on Wednesday carried the Dow Jones industrial average and NASDAQ composite to all-time highs in heavy trading. The Dow soared up 87.68 points to 8457.78 while the NASDAQ picked up 27.76 points to close at 1766.47.
Written by Larry Barrett, Contributor

Analysts credited the rally to benign statements by Fed chairman Alan Greenspan as he wrapped up his congressional testimony without incident.

Microsoft Corp. (MSFT) shot up $2.81 per share to $84.94. Oracle Corp. (ORCL) shed 13 cents per share to $26.06 while Netscape Communications Corp. (NSCP) trimmed 69 cents per share to $19.31. Sun Microsystems Inc. (SUNW) gained $1.88 per share to $46.44.

Among most technology sectors, big gains were the order of the day. Even the erratic semiconductor equipment stocks made strides Wednesday as Applied Materials Inc. (AMAT) gained $1.38 per share to $37.38. Lam Research Corp. (LRCX) picked up $1.81 per share to $29.69 and Novellus Systems Inc. (NVLS) shot up $3.75 per share to $49.

Dell Computer Corp. (DELL) keeps rolling, up $1.50 per share to $129.94. Compaq Computer Corp. (CPQ) slipped 38 cents to close at $33.94 and Gateway 2000 Inc. (GTW) improved $1.63 per share to $42.88. Apple Computer Inc. (AAPL) gained $1 per share to $22.31.

Cisco Systems Inc. (CSCO) rose $2 per share to $66.75. 3Com Corp. (COMS) snapped up $2.50 per share to $35.13 and Ascend Communications Inc. (ASND) grabbed another 56 cents to close at $36.25. Bay Networks Inc. (BAY) also picked up 56 cents to $31.56.

America Online Inc. (AOL) shed 31 cents to $118.75. Yahoo! Inc. (YHOO) nudged up 19 cents to $61.72 while Lycos Inc. (LCOS) and Excite Inc. (XCIT) finished up $2.06 and $1.81 per share, respectively.

Among other widely held issues, Intel Corp. (INTC) picked up $1.63 per share to $42.88; Advanced Micro Devices Inc. (AMD) rallied up $1 to $21.69 and IBM Corp. (IBM) shot up $2.13 per share to $104.63.

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