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.”