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Tech stocks rebound

Geoff Gasior
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In an unexpected move yesterday afternoon, the Fed announced a half-percent cut to interest rates, sending tech stocks (and others) surging. The Nasdaq rose over 14%, with a volume of over 3.1 billion shares traded. The NYSE rose almost 3%, with the S&P gaining exactly 5%—certainly welcome news for those holding stocks that had previously been tanking. Of course, many had bailed out already to limit their losses. Here are how some of the tech offerings did today (note: I’m broke and don’t own any of them):

Handspring +30.81%
Intel +10.21%
Palm +17.37%
Rambus +30.01%
ATI +11.46%
Dell +14.29%
Microsoft +10.52%
Yahoo +9.76%
Nvidia +30.69%
AMD +13.04%

You know it’s newsworthy when Rambus gains as much ground as Nvidia! We’ll have to see whether or not the tech stocks, and the market as a whole, can gain back some of their glorious value as 2001 progresses.

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