Techs Surge Despite Late Drop

Nasdaq up more than 2%
By Greg Atwan,  Newser Staff
Posted Aug 8, 2007 4:46 PM CDT
Techs Surge Despite Late Drop
Cisco Systems Technical Marketing Engineer David Lin looks a various models of Cisco's IP phones at Cisco headquarters in San Jose, Calif., in this Jan. 5, 2007 file photo. Cisco Systems is expected to announce quarterly earnings, Tuesday, May 8, 2007. (AP Photo/Paul Sakuma, file)   (Associated Press)

The major indexes were up again today, buoyed by the tech sector as the Nasdaq gained 51.38—more than 2%—to close at 2612.98. Losses just before the bell came close to erasing earlier gains, as rumors amplified that Goldman Sachs would liquidate a major fund and that Fannie Mae and Freddie Mac wouldn’t get regulatory permission to buy mortgage loans.

But an optimistic outlook from Cisco (shares were up nearly 7%) kept tech buoyant, and it was even a good day for Bear Stearns and Countrywide Financial—two major players in the subprime debacle. The Dow climbed 153.56 to 13657.86, and the S&P added 20.78 to close at 1497.49. (More stock market stories.)

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