By Stewart Lewis
(June 7 – 17:30 ET) – Technology stocks climbed today. A Goldman Sachs analyst made some bullish statements about IBM, spurring a rally this morning just ahead of the anti-trust ruling on Microsoft. The software giant held its own buoyed by the rise in the tech sector.
The tech-laden NASDAQ composite index gained 82.89 points, edging up to 3,839.26, erasing yesterday’s losses.
Other top computer issues drove the Dow Jones industrial average up 77.29 points to 10,812.86. IBM led the Dow up 7 15/16 to 120 5/16.
In Canada, the CDNX benefited from the tech rush. It also finished slightly higher, 27.43 to 3438.03. Advancing issues beat out declining issues 291 to 266.
The Toronto Stock Exchange did not fare as well. All of the exchanges indices were down at the end of the day. The TSE 300 composite index dropped 52.59 to 9557.65. Declining issues outpaced advancing issues 569 to 488, despite the fact that six of the 14 sub-indices finished higher.
The Canadian dollar closed at US67.61¢ today, down slightly from US67.73¢ yesterday.