SAN FRANCISCO (08/28/2000) - Gains in large-cap tech stocks helped keep the Nasdaq above the 4000 mark today, bringing it just slightly into positive territory for the year. The unexpected pop lifted the broad market as well, with both the Nasdaq and the Dow posting small gains. The Dow rose half a percent, or 60.21, to close at 11252.84, while the Nasdaq was up about 0.7 percent, or 27.91, to 4070.59.
Large-cap tech stocks were responsible for the rise, with gains of 2 to 3 percent for many in the sector. Lucent Technologies Inc. (LU) led the pack, rising 3.35 percent, or $1.38, to $42.38.
Budding merger partners Applied Micro Circuits Corp. (AMCC) and MMC Networks Inc. (MMCN) were among the market's more actively traded shares today. Applied Micro agreed to buy MMC in a $4.5 billion stock deal. Applied Micro's shareholders seemed apprehensive about the deal, sending the stock down 2.5 percent, or $4.75, to $183.81. MMC investors jumped on the news, however, and the stock gained nearly 41 percent, or $31.75, to $110.
And Emulex Corp. (EMLX) , the recent victim of a false press release that wreaked temporary havoc on its stock price, dropped a little more today. It fell nearly 6 percent, or $6.25, to $99.50. Investigations into the matter are still under way.