While the technology sector has been unable to build on its early gains, the sector remained in positive territory around midsession.
was up 73.88, or 2.3%, at 3344.49 in recent trading after reaching a high of 3365.84. It stopped ahead of the 3390 level, which was roughly the high from both Monday and Tuesday and the close last Friday. Sellers could emerge if that level is not taken out. Internet stocks were lagging the rest of tech.
TheStreet.com Internet Sector
index was up 16.84, or 2.2%, at 788.09.
Alan Loewenstein, co-portfolio manager with the $2.3 billion
Technology Fund, said that his fund was continuing to add to positions in stocks that reached levels that the fund likes. Though he would not name the stocks the fund was buying, some of its top holdings include
Loewenstein said that technology fundamentals were healthy based on strong first-quarter numbers and the outlook for the rest of the year. He hopes the
will stop raising rates soon and he expects a rally in the second half of the year, which was typical for an election year. He said this week's drop below April lows was negative, and he was unsure whether aggressive selling would emerge should the Nasdaq climb to 3600.
Among the sector's best performers,
was up 6 1/2, or 11.2%, at 64 1/2 after dropping around 7% yesterday.
, which has been pummeled since announcing it was buying
Monday, was up 7 23/32, or 12.6%, at 69.
was up 3 11/16, or 15%, at 28 3/16. Net2Phone is one of the participants in
new long-distance service. priceline was up 2 1/8, or 5.8%, at 38 5/8.