Technology Rebound Boosts Dow

Technology stocks came roaring back on Thursday, pushing stock indexes higher even as bond prices slipped.

After seeing a fresh report of strong jobs growth, investors shed consumer stocks and exchanged them for technology and economically sensitive issues.

The Dow Jones industrial average had a wobbly opening, but it moved early into the positive column and made steady gains all day. The blue chip index ended up 25.29 at 4,787.64, more than making up the 7.58 points it lost over the previous two days.

“I think the market is acting extremely healthy,” said Philip Erlanger, who runs a stock research firm in Acton, Mass., “when the strongest sector in the market, the tech stocks, can have a correction, and that correction does not roil the market. The market is set for clear move through 5,000.”

Advancing issues led decliners by about 9 to 5 on the New York Stock Exchange. Volume was healthy at above 367.61 million shares, compared with 411 million on Wednesday.

Some of the stocks that moved substantially Thursday:

NYSE

Micron Technology, up 1-3/4 at 80-1/4.

Texas Instruments, up 1-1/8 at 79-7/8.

Semiconductor stocks were recovering after taking big losses on Wednesday, after Montgomery Securities reiterated a “buy” rating on the two issues and said contract prices for DRAM, or dynamic random access memory, chips “look to be firm.”

Cigna, up 3-1/2 at 103-1/4.

Caremark, up 3/8 at 20-1/8.

Caremark International agreed to buy Cigna Medical Group subsidiary for an undisclosed price, forming the nation’s largest provider of physical practice management services to physicians serving prepaid health plans.

NASDAQ

Intel, up 1-5/16 at 60-5/8.

Microsoft, up 1-1/2 at 90-1/8.

Cisco Systems, up 1/2 at 68-1/2.

Sun Microsystems, up 1-7/8 at 60-1/4.

Novell, up 5/16 at 18-3/8.

Apple, up 7/8 at 37-3/8.

Computer-related stocks extended a recovery that began late Wednesday.

AMEX

Greyhound Lines, down 3/16 at 4-1/16.

The Dallas long-distance bus company priced 10 million shares at $4.125 per share. Also, the company agreed to allow tenant bus carriers to sell tickets within 25 miles of a Greyhound terminal as part of a consent decree resulting from an antitrust investigation.