Technology Shares Rise Amid Broader Market Uptrend

Strategic Insights -

The Dow Jones U.S. Technology Index saw a 0.79% increase to 596.03 on the Wednesday session, with several major technology stocks showing upward momentum. China Mobile's decision to expand its electronic-payment business and talks between Google and China after the latter's announcement to stop censoring Internet search results contributed to the positive sentiment. Analysts such as FBR Capital's David Dixon also provided support for certain stocks.

Key Takeaways:

  • The Dow Jones U.S. Technology Index rose 4.70 points to 596.03, representing a 0.79% increase.
  • China Mobile's agreement to buy a 20% stake in Shanghai Pudong Development Bank for 39.8 billion yuan likely had a positive impact on the technology sector.
  • Google's shares were up 2.01%, or $11.25, to $571.44, as the company discussed potential deals with China.
  • Sprint saw a 2.41% gain, or $0.08, to $3.70, following the certification and availability of the Walsh Wireless Data Logger.
  • Analyst David Dixon of FBR Capital reportedly favored Sprint and the telecom sector for investment.
  • Comtex News Network's SmarTrend Alert system indicated uptrends for Apple, Cisco Systems, and Google between February 18 and March 6.

Statistics:

  • The Dow Jones U.S. Technology Index reached 596.03, a 0.79% increase from the previous session.
  • Google's share price rose to $571.44, a 2.01% increase.
  • Sprint's share price increased to $3.70, a 2.41% gain.
  • The SmarTrend Alert system indicated uptrends for AAPL @ $207.48 (03-01-2010), CSCO @ $24.13 (02-18-2010), and GOOG @ $563.79 (03-05-2010).
  • China Mobile acquired a 20% stake in Shanghai Pudong Development Bank for 39.8 billion yuan ($5.8 billion).

Sources:

  • Bloomberg News
  • Bloomberg News
  • Benzinga.com
  • CNBC
  • MidnightTrader.com
  • Benzinga.com
  • www.mysmartrend.com (Comtex News Network, Inc.)