Tech Stocks Rebound After Early Decline (QTEC) (AAPL) (ORCL) (ALTR)
January 27, 2010 6:50 PM
After declines early in the trading day, tech stocks were able to turn things around following positive news from the Federal Reserve.
The Fed predicted a moderate economic recovery and maintained its current money policy.
The First Trust NASDAQ-100-Tech Index (Nasdaq: QTEC) exchange traded fund was up nearly 1% for the day.
Shares of chipmaker Altera Corp. (Nasdaq: ALTR) climbed more than 5% after the company reported profits.
After falling earlier in the day, Oracle Corporation (Nasdaq: ORCL) recovered for a modest gain. Prior to the market opening, the company announced that its acquisition of Sun Microsystems was complete.
Apple Inc. (Nasdaq: AAPL) shares were also down early in the day before staging a modest recovery. CEO Steve Jobs unveiled the highly anticipated iPad today, which will play an important role in Apple's product line.
