Technology Stocks Lead Dow’s 109-Point Day

In just two days, Wall Street will be able to breathe easy. That's because Wednesday marks the culmination of the Federal Open Market Committee's two-day summit, which will close with comments from Fed chief Ben Bernanke on how long we can expect the central bank's $85 billion monthly bond-buying stimulus program to last. Markets have been abuzz about the meeting for weeks, and today's gains ahead of the session's beginning come after homebuilder confidence surged to a seven-year high. Led higher largely by technology stocks, the Dow Jones Industrial Average (DJINDICES: ^DJI  ) gained 109 points, or 0.7%, to close at 15,179. 

Cisco Systems (NASDAQ: CSCO  ) , one of the aforementioned technology stocks, added 2.5% today, ending as the top gainer in the index. The networking systems giant showed off infrastructure in Nice, France, today with ambitious aims. Hundreds of censors hooked up to a main road in the city are detecting traffic, parking, waste disposal, and other patterns, the aim being to analyze the way these things currently work, then subsequently make them more efficient. If the endeavor proves useful, Cisco could be on the forefront of a huge new industry.

Microsoft (NASDAQ: MSFT  ) shares also outperformed, tacking on 1.7% on Monday. The Washington-based software company announced the arrival of Microsoft Office on iPhone devices today, which on the face of it sounds like a big deal. Office, however, won't be offered on the iPad, and only a limited version will be made available to those iPhone users paying $100 a year for an Office 365 account. In short, we could be looking at a very small market. 

While technology was one of just two sectors to gain more than 1% today, telecom was the only market category that actually fell. Appropriately, that's where two of today's laggards emerged from. AT&T (NYSE: T  ) dropped 0.4% after reports that the wireless carrier was offering to buy a major Spanish telecom company, Telefonica, for $93 billion, a report that was denied by Telefonica. 

Acquiring companies often fall when they close an acquisition, and Verizon Communications (NYSE: VZ  ) shed 0.7% on rumors that it was also vying for a takeover of its own. Like AT&T, Verizon's ambitions are reportedly international, though a little closer to home than Spain. Canada's Globe and Mail reported that the company has been in talks with investors in Wind Mobile, a recent entrant in the Canadian wireless industry. 


Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2494316, ~/Articles/ArticleHandler.aspx, 10/24/2014 8:59:52 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement