Tech Investors Go Shopping
With President Bush preparing for a second term, reassured investors boosted the Nasdaq 1.2% in recent trading.
The Nasdaq Composite gained 23 points to 2008. Among the gainers were Yahoo! (YHOO), up 1.5% to $38.30; Cisco (CSCO), up 1% to $19.48; and Dell (DELL), up 1.7% to $36.22. Intel (INTC) showed a smaller rise, adding 0.7% to $22.73.
The rise in tech closely mirrored an upward move in the S&P 500, which climbed 1.4% to 1146.
In tech as well as the broader market, the story was similar: Investors seemed relieved to have avoided the uncertainty that blemished the 2000 election, said Gabriel Erdi, an analyst for Skye Investment Advisors. "I think that's a big thing that was basically removed in investors' eyes. It was somewhat of a worry with how close the polls were."As an added benefit, Republicans snagged additional seats in the House and Senate, lending them political momentum in both houses of Congress as well as the White House. Although conventional wisdom holds that the market prefers a divided government, because gridlock tends to mean few new laws are passed, Erdi said he believes that may no longer be the case. "With terrorism
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