Technology Stocks Boost Nasdaq

Stocks climbed Monday with a boost from technology shares, which elevated the Nasdaq Stock Market to a record close.

The advance came amid light volume, which is typical for this time of year, when many investors take vacation.

Stability in the bond market, which kept interest rates in check, and a respectable performance by the dollar contributed to the rebound on Wall Street from last week’s slump.

Blue chips gained enough to erase most of last week’s losses. The Dow Jones industrial average rose 41.56 to 4,659.86.

Other popular indicators also advanced. Gainers led the Big Board’s advance-decline tally by about 4 to 3.

Technology issues were the stars and led the charge forward as they have with few exceptions all year. The Nasdaq Stock Market - which is dominated by semiconductor, software and related computer stocks - surged 8.33 to 1,012.44, a new high. It surpassed the peak of 1,010.66 set on July 27.

Some of the stocks that moved substantially or traded heavily:

NYSE

Coram Healthcare, down 4-1/2 to 5-1/4 in NYSE-leading volume of more than 8.2 million shares.

Investors dumped the stock after poor second-quarter results.

Walt Disney, up 2-3/8 to 58-7/8.

The entertainment giant pleasantly surprised Wall Street by naming Hollywood superagent Michael Ovitz as its president.

PP&L Resources, up 2-3/4 to 21-5/8.

Peco Energy proposed a $3.8 billion merger with PP&L in a stockfor-stock deal. Peco fell 1 to 26-3/4 on the NYSE.

National Convenience Stores, up 5-3/8 to 19-1/8.

The store chain’s board said it was evaluating an unsolicited acquisition bid of $17 a share from Circle K. Circle K rose 3/4 to 19-1/2 on the NYSE.

NASDAQ

Integrated Silicon, up 14-7/8 to 61-5/8.

The company has signed a merger agreement with ArcSys under which 1.5 ArcSys shares would be exchanged for each Integrated share. ArcSys rose 7/8 to 45-5/8.

Amgen, up 2-3/8 to 95-1/2.

Investors have shown increasing interest in biotechnology stocks.

AMEX

Turner Broadcasting System class B, up 2-1/2 to 24-3/8.

Speculation about mergers in the media industry focused on Turner amid reports that head Ted Turner is trying to line up financing for a possible bid for CBS.