Technology shares mounted a sharp rebound in New York yesterday, but most stocks rose only modestly, offering few clues as to whether the volatile decline of recent weeks has bottomed.

The Nasdaq composite index jumped more than 2 per cent as Bellwether Technology shares rallied.

The Standard and Poor's 500 rose 8.21 to 1,089.64, and the Nasdaq composite rose 41.31 to 1,829.51.

Advancing issues outnumbered decliners by a four-to-three margin on the New York Stock Exchange, with 1,694 up, 1,286 down and 547 unchanged.

NYSE volume totalled 759.73 million shares as of 4 p.m., easing from the hectic pace of the prior two sessions.

The NYSE composite index rose 3.79 to 547.80, and the American Stock Exchange composite index rose 4.88 to 676.95.

The Russell 2000 index of companies rose 7.92 to 406.61.