Technology shares advanced on Friday as results from Baidu Inc and SanDisk bolstered the outlook for the industry, while the broad market was little changed. Keeping investors skittish was a Group of 20 nations meeting that sought a common path to manage global trade, currency and macroeconomic imbalances. SanDisk, a maker of flash memory, gained 2.1 percent to $37.88 and Baidu, the Chinese Web search engine, rose 4.7 percent to $107.28, a day after both companies posted results.
Also boosting the Nasdaq were shares of online retailer Amazon.com Inc, which gained 2.7 percent to $166.33 after Wall Street analysts raised their price targets on the company, even as Amazon gave a disappointing forecast on Thursday. The Dow Jones industrial average was down 25.06 points, or 0.22 percent, at 11,121.51. The Standard & Poor's 500 Index was up 1.00 point, or 0.08 percent, at 1,181.26. The Nasdaq Composite Index was up 15.19 points, or 0.62 percent, at 2,474.86. Technology led gains in the recent rally, and the Nasdaq is up 17 percent since the end of August compared with the S&P 500, which is up 12.6 percent.
Comments
Comments are closed.