On a generally up day for stocks, some of the most beaten up names in tech were getting a boost.
Semiconductors, networking stocks and dot-coms were on the rise, continuing to add to gains that have lifted many of these companies throughout April. Some of the biggest gains today were in companies that help other companies have an online presence. The
American Stock Exchange Internet Infrastructure Index
was recently up 6.9%. All but one of its components was gaining.
was up 18% to $6.52 on news retailing giant
will use its products for e-commerce.
Other infrastructure stocks posting strong gains this afternoon include
"These stocks have been beaten down so much -- fast-forward to a year from now, some of these companies are still going to be around," Tony Cecin, head of equity trading at
U.S. Bancorp Piper Jaffray
said of networking and Internet infrastructure stocks.
"I think the market becomes a self-fulfilling prophecy," said Matt Johnson, head of U.S. Nasdaq trading at
. "The further up it goes, the more belief there is that a bottom's been put in."
Today's gains follow a rally on Friday that was fueled by GDP numbers showing the economy grew more quickly in the first quarter than had been anticipated. "I don't think anything fundamentally has changed," he said. The rally "is because the earnings decline has slowed or stopped, and that's what's driving the market."
Among other gainers were the
Philadelphia Stock Exchange Semiconductor Index
was gaining 5.3%, the
Morgan Stanley High-Technology 35 Index
was rising 3.1%, the
American Stock Exchange Networking Index
was adding 5.3% and
Internet Sector Index
was up 5.9%.