Semi HOLDR Leads Tech Funds
Semiconductors
rallied Monday, leading a tech rally that gave a boost to
the tech-focused exchange-traded funds.
Merrill Lynch’s
Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating) rose 6.2% on above-average volume.
It was the day’s sharpest gain among the
funds. The industry got a lift from Micron Technology
(
MU |
Quote |
Chart |
News |
PowerRating).
Salomon Smith Barney raised its earnings outlook on the
chipmaker. The stock gained 4 7/8 to 80 1/2. Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
picked up 3 1/8 to 66 15/16, Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating) 5
5/8 to 74 13/16, Rambus
(
RMBS |
Quote |
Chart |
News |
PowerRating) 8 1/16 to 76 15/16, and
KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating) 6 5/16 to 51.
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The Broadband
HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating) climbed 3.0%. Among its components, Nortel
Network
(
NT |
Quote |
Chart |
News |
PowerRating) advanced 3 1/4 to 79 1/4, and Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating)
1 3/4 to 35 3/4, Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) 15 11/16 240 3/4. The
HOLDR overcame sharp losses in component shares of
Scientific-Atlanta
(
SFA |
Quote |
Chart |
News |
PowerRating), which fell 11 1/8 to 82 1/4.
For more on the stock’s trading action Monday, check out my
The News column.
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The Nasdaq 100
Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) added 2.8%, the Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating)
2.8%, the Dow Jones Technology Index iShares
(
IYW |
Quote |
Chart |
News |
PowerRating) 2.4%,
and the Technology SPDR
(
XLK |
Quote |
Chart |
News |
PowerRating) 2.0%.
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Increasing
confidence that the Federal Reserve will stand pat Aug. 22
contributed to gains in financial stocks. The federal funds
futures contract has priced in a 14% chance of a
quarter-point rate hike — in other words, an 86% chance
that the Fed will stand pat. The Dow Jones Financial iShares
(
IYV |
Quote |
Chart |
News |
PowerRating) moved ahead 1.4%, the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating)
1.3%.
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