Techs Put Damper on Optimism

The markets closed up today on rumors of a coming interest rate cut, but bad news in the tech sector limited gains. The Dow climbed 59.99 points to 13,371.72, but only after a negative forecast from Dell erased a sizable morning rally. The S&P 500 climbed 11.42 to 1,481.14, while the Nasdaq slumped 7.17 to close at 2,660.96.

Dell, a key tech indicator, was off 14.2% after warning of bad earnings news to come, MarketWatch reports. Countrywide rose as much as 16.1%; the lender benefited from reports of a coming deal to freeze rate resets on adjustable mortgages. As to rate cuts at the Fed’s December 11 meeting, one strategist said “the deal” has been “sealed.” (More Dow Jones stories.)