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Techs Surge Despite Late Drop

Nasdaq up more than 2%

By Greg Atwan,  Newser User

Posted Aug 8, 2007 4:46 PM CDT
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(Newser) – 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.

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)
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...   (Associated Press)
A television screen in a booth on the floor of the New York Stock Exchange announces the decision on the Fed interest rates, Tuesday Aug. 7, 2007. The market was clearly let down when the Fed's Open Market Committee issued an economic assessment that stated the central bank's predominant concern...
A television screen in a booth on the floor of the New York Stock Exchange announces the decision on the Fed interest rates, Tuesday Aug. 7, 2007. The market was clearly let down when the Fed's Open Market...   (Associated Press)
Trader Robert Cullinan works on the floor of the New York Stock Exchange, Monday, Aug. 6, 2007. Stocks fluctuated in early trading Monday following a sharp pullback Friday brought by concerns about the credit market and ahead of the Federal Reserve's meeting Tuesday. (AP Photo/Richard Drew)
Trader Robert Cullinan works on the floor of the New York Stock Exchange, Monday, Aug. 6, 2007. Stocks fluctuated in early trading Monday following a sharp pullback Friday brought by concerns about the...   (Associated Press)
Traders work on the floor of the New York Stock Exchange, Monday, Aug. 6, 2007. Stocks fluctuated in early trading Monday following a sharp pullback Friday brought by concerns about the credit market and ahead of the Federal Reserve's meeting Tuesday. (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange, Monday, Aug. 6, 2007. Stocks fluctuated in early trading Monday following a sharp pullback Friday brought by concerns about the credit market...   (Associated Press)
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stock market • Goldman Sachs • subprime mortgages • Bear Stearns • Freddie Mac • Fannie Mae • Cisco • Countrywide Financial

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