By Rex Crum
A broad rally in tech stocks Monday helped push the tech-heavy
Nasdaq Composite Index to close above the 2,000-point mark for the
first time in almost a year as the session was highlighted by
Google Inc. Chief Executive Eric Schmidt resigning from Apple
Inc.'s board of directors.
The Nasdaq (RIXF) climbed more than 30 points, or 1.5%, to close
at 2,008. It was the first time the Nasdaq closed above 2,000 since
Oct. 1, 2008.The Morgan Stanley High Tech 35 Index (MSH) rose 1.3%
and the Philadelphia Semiconductor Index (SOX) was also 1.7%.
Gains came from Microsoft Corp. (MSFT), Dell Inc. (DELL), IBM
Corp. (IBM), Cisco Systems Inc. (CSCO) and Intel Corp. (INTC).
Apple Inc. (AAPL) shares rose $3.04 to $166.43. Before the
market opened, Apple said that Google Inc. (GOOG) Chief Executive
Eric Schmidt had resigned from Apple's board of directors. In a
statement Apple CEO Steve Jobs said it was the "right time" for
Schmidt to leave Apple's board because of growing competition
between the two companies.
Google recently said it would launch its own computer operating
system, potentially competing against Apple, and Apple also blocked
the new Google Voice application for wireless devices from being
able to be used on the iPhone.
Google shares rose $9.16 to close at $452.21.
Semiconductor stocks got a lift after following the latest sales
figures from the Semiconductor Industry Association trade
group.
The SIA said that while worldwide chip sales fell 20% in the
second quarter from a year ago, the $51.7 billion in sales were up
17% from the first quarter of the year. The SIA also said chip
sales rose for the fourth-consecutive month.
Among chip stocks, gains came from Micron Technology Inc. (MU),
Advanced Micro Devices Inc. (AMD), Nvidia Corp. (NVDA) and Applied
Materials Inc. (AMAT).