TECH STOCKS: Tech Stocks Come To Life Late, Close
Post# of 94270
Posted On: 01/13/2014 7:33:00 AM
TECH STOCKS: Tech Stocks Come To Life Late, Close With Gains
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks shook off most of their losses in late trading Friday, as the sector rallied to close the week on an upbeat note despite what was seen as a disappointing report on new jobs in December.
Before the market opened, the Labor Department said the U.S. economy added just 74,000 jobs in December, marking the smallest monthly increase since early 2011. The unemployment rate fell to 6.7% from 7% in November, but that decrease was credited partly to a large number of Americans dropping out of the labor force and who are no longer looking for work.
However, among leading tech stocks, gains came from Microsoft Corp. (MSFT), Oracle Corp. (ORCL), Hewlett-Packard Co. (HPQ), Facebook Inc. (FB) and Pandora Media Inc. (P).
The broad gains helped lift the Nasdaq Composite Index (RIXF) more than 18 points to close at 4,147. The Philadelphia Semiconductor Index (SOX) also erased its early losses to close with a small gain.
There still were some notable decliners among sector bellwethers, as Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX) and IBM Corp. (IBM) all closed in the red.
Overstock.com Inc. (OSTK) shed 3.5% to end the day at $28.43. On Friday, Overstock said it would be the first online retailer to accept Bitcoin as a payment method for purchases.
Progress Software Corp. (PRGS) shares fell by 5.5%, to close at $24.11 after the business-management software company on Thursday reported quarterly results in line with Wall Street expectations, but gave a disappointing first-quarter outlook.
More must-read tech news from MarketWatch:
2013 had worst-ever drop in PC sales
3D printing: A big hit at CES, but is there a bubble?
T-Mobile goes to the mattresses in war for customers
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks shook off most of their losses in late trading Friday, as the sector rallied to close the week on an upbeat note despite what was seen as a disappointing report on new jobs in December.
Before the market opened, the Labor Department said the U.S. economy added just 74,000 jobs in December, marking the smallest monthly increase since early 2011. The unemployment rate fell to 6.7% from 7% in November, but that decrease was credited partly to a large number of Americans dropping out of the labor force and who are no longer looking for work.
However, among leading tech stocks, gains came from Microsoft Corp. (MSFT), Oracle Corp. (ORCL), Hewlett-Packard Co. (HPQ), Facebook Inc. (FB) and Pandora Media Inc. (P).
The broad gains helped lift the Nasdaq Composite Index (RIXF) more than 18 points to close at 4,147. The Philadelphia Semiconductor Index (SOX) also erased its early losses to close with a small gain.
There still were some notable decliners among sector bellwethers, as Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX) and IBM Corp. (IBM) all closed in the red.
Overstock.com Inc. (OSTK) shed 3.5% to end the day at $28.43. On Friday, Overstock said it would be the first online retailer to accept Bitcoin as a payment method for purchases.
Progress Software Corp. (PRGS) shares fell by 5.5%, to close at $24.11 after the business-management software company on Thursday reported quarterly results in line with Wall Street expectations, but gave a disappointing first-quarter outlook.
More must-read tech news from MarketWatch:
2013 had worst-ever drop in PC sales
3D printing: A big hit at CES, but is there a bubble?
T-Mobile goes to the mattresses in war for customers
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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