Technology stocks extended a week-long rally yesterday as investors looked to exploit an expected rebound in economic and corporate profit growth, after the Federal Reserve's five interest rate cuts this year.

The Nasdaq Composite Index climbed 7.91 points, or 0.34 percent, to 2,313.50. The benchmark Standard & Poor's 500 index fell 3.50 points, or 0.27 percent, to 1,309.33.

Among individual issues, AOL Time Warner Inc. fell 45 cents to $56.15, ranking as the most active stock on the New York Stock Exchange. The stock is up about 74 per cent since the start of the year. On the Nasdaq, Cisco Systems was the most active issue, rising 61 cents to $23.48.

American Express Co. jumped $1.06 to $46.05. JP Morgan Chase & Co. rose 59 cents to $50.02.