A decent recovery Friday from the early
sell-off -- with some analyst saying that the scope of that sell-off was unjustified -- and a little relief for oil prices from President
Friday to dip into oil reserves, were giving wings to both tech and industrials this morning.
Tech and financial stocks were leading the
Dow Jones Industrial Average higher, with Intel, hardware company
and brokerage house
contributing the most upside to the blue-chip benchmark. The Dow was lately up 20.7 to 10,868.
Over in tech, the
Nasdaq Composite Index was rising on semiconductors, as well as hardware and biotech stocks.
, networking company
were the index's most actives. The Nasdaq was lately up 52 to 789.4.
After shedding 22% Friday after its revenue warning, Intel was 1.96% higher this morning. Semiconductor
was up 0.5%.
Telecom stocks such as
were also higher.
raised its rating on telecom Sprint this morning.
, on the other hand, was near its 52-week low.
S&P 500 was meandering right above the flatline, lately up 5.8 to 1454.5, while the
was 2.2 higher to 521.
TheStreet.com Internet Sector
index, also known as the DOT, was 1.3% higher, partly powered by
, which is said to be in talks with Japan's
to jointly develop and sell mobile Internet services in Japan and elsewhere. AOL was lately up 1.5%.
took a look at the
deal in a story earlier today.
The 10-year Treasury note was lately up 1/32 at 99 9/32, and yielding 5.846%.
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Oil stocks were getting clobbered this morning. After Clinton decided to tap emergency reserves and crude oil prices fell to their lowest levels in a month,
said it expected a steep decline in oil prices and cut its rating on
to neutral from buy.
Amerada Hess was off 2.95% to $63.69, while the
American Stock Exchange Oil & Gas Index
was off 2.5%.
Even so, upgrades on several individual energy stocks from different firms, such as
, were powering these stocks higher. Calpine was up 0.8%.
Semiconductor stocks were also higher and the
Philadelphia Stock Exchange Semiconductor Index
was up 1.6% after falling 6% Friday.
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