Tech Stocks Pull Nasdaq Back Up

Sat., April 1, 2000

Technology stocks rebounded Friday, giving the Nasdaq composite index a gain for the first time this week. But investors turned toward well-established computer makers and networking companies, and shunned Internet businesses now seen as risky investments at the end of a volatile quarter.

The Nasdaq composite index rose 114.94 to close at 4,572.83. In earlier trading, the Nasdaq had fallen as much as 76 points and appeared to be in danger of extending its losing streak.

The Nasdaq finished the week with a loss of 390 points, and is 9.4 percent below its March 10 record high close of 5,048.62.

But even after its recent slump, the Nasdaq ended the first quarter with a 12.4 percent gain. The Dow Jones industrial average fell 5 percent during the quarter, while the Standard & Poor’s 500 rose 2 percent.

Friday, the Dow average gave up solid early gains and closed down 58.33 at 10,921.92. The Standard & Poor’s 500 rose 10.66 to 1,498.58.

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Tech Stocks Pull Nasdaq Back Up

Jesse Tinsley

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