Technology stocks reclaimed their leadership of the US stock market yesterday, driving the NASDAQ composite index higher as investors bought shares of chip-makers, Internet companies and beaten-down biotech firms.
The NASDAQ rose 152.71, or 3.2 per cent, to close at 4,864.39.
The Dow Jones industrial average fell 40.64, or 0.4 per cent, at 10,866.70, having recovered from a loss of as much as 118 points.
Broader market indicators were higher.
According to preliminary calculations, the Standard and Poor's 500 rose 6.77 to 1,550.64, a new record.
Advancing issues outnumbered decliners by a 5-to-4 margin on the New York Stock Exchange, with 1,657 up, 1,334 down and 488 unchanged.
NYSE volume totalled 1.07 billion shares compared to 1.05 billion in the previous session.
Since the NASDAQ hit its last record on March 10th, it has fallen 4 per cent while the Dow Jones industrials have advanced more than 9 per cent. The NASDAQ had tumbled as investors, eager to take profits from its run, channelled money into the blue-chip Dow.
But robust performances by technology shares on Tuesday and yesterday convinced Wall Street analysts that investors are not quite ready to give up the promise of high-growth stocks for the stability of blue chips.
