Tech-powered Nasdaq
rolls to 4th straight gain

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Associated Press

NEW YORK >> Technology stocks stretched their winning streak to four sessions today as investors grew more optimistic about the sector's chances for recovery this year.

But the market was still cautious, and so blue chips fell on some mild profit-taking.

The Nasdaq composite index closed up 52.36 at 2,220.60.

Other market indicators were mixed.

The Dow Jones industrials fell 21.66 to 10,876.68 after reaching their highest close in nearly three months yesterday at 10,898.34.

The Standard & Poor's 500 index inched up 0.99 to 1,267.43.

The Dow is now up 0.83 percent for the year, with the S&P 500 down 4 percent and the Nasdaq off 10.1 percent.

Advancers edged decliners on the New York Stock Exchange , with 1,577 up, 1,509 down and 208 unchanged. Volume was 1.6 billion shares vs. 1.3 billion yesterday.

The NYSE composite index fell 2.21 to 638.83, the American Stock Exchange composite index dropped 12.92 to 931.53 and the Russell 2000 index rose 1.17 to 491.64.

The Treasury's 10-year note rose 1/32 to 97-27/32; its yield fell 1 basis point to 5.28 percent. The 30-year bond jumped 18/32 to 95-11/32; its yield fell 4 basis points to 5.70 percent.

Overall, analysts said, the market continues to gain strength as investors grow increasingly confident that the Federal Reserve will reduce interest rates for the fifth time this year when it meets May 15.

Strength was apparent in tech stocks today. Cisco Systems rose $2.20 to $20 after Morgan Stanley Dean Witter analyst Chris Stix said the networking equipment maker's North American business has stabilized.

Applied Micro Circuits, also a networker, advanced $1.08 to $27.54.

But traders cashed in some profits in non-tech sectors that have surged higher the past few weeks.

Much of the Dow's losses came from IBM, down $3.11 at $115.40, and Philip Morris, which fell $1.09 to $51.01.