Techs Surge Despite Late Drop

Nasdaq up more than 2%
By Greg Atwan,  Newser User
Posted Aug 8, 2007 4:46 PM CDT
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)
camera-icon View 3 more images

(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.