Wall Street Beat: Tech shares continue their roll in markets

16.03.2012
Shares of technology companies continue to ride high as confidence in the U.S. economy grows, boosting markets and stock indexes to levels not seen in years.

The tech-heavy Nasdaq closed above the 3,000 mark Tuesday for the first time since the middle of 2000, when it was in a rapid decline during the dot-com bust. Though the exchange declined a bit Friday afternoon, it stayed above 3,000, closing at 3055.26.

The Standard & Poor's 500 stock index closed on Thursday above 1400 for the first time in four years, rising again Friday to 1,404.20. About 20 percent of the stocks included in the S&P index are technology-related.

The Dow Jones Industrial Index, meanwhile, closed up by 58.66 point Thursday, at 13,252.76, its seventh straight day of gains, but slipped a bit Friday, closing at 13,233.61.

The improving job scene in the U.S. has been a major factor in increased confidence in the economy overall. According to a government report Thursday, for example, the number of U.S. workers claiming new unemployment benefits fell to a four-year low last week.

Tech companies have been on the vanguard of the recent rally. Though shares of computer companies on the Nasdaq dipped somewhat Friday, they are nevertheless up by more than 20 percent for the year, higher than any component of the exchange.