Buffeted by concerns about the economy and IT spending, tech stocks have gone on a roller coaster ride lately, but on the whole they’ve managed to hang on to gains they made earlier in the quarter.
The Nasdaq Computer Index, which tracks more than 390 tech-related stocks on the exchange, was up about 1 percent in midday trading Friday, on a generally up day for markets. That brought it up to its level of a month earlier, after 30 days of ups and downs. The Nasdaq Computer Index is on track to close Friday up about 7 percent for the year.
In midday trading, major indexes looked good Friday on news from the U.S. Department of Labor that the U.S. added 175,000 jobs in May. Although the unemployment rate increased slightly to 7.6 percent, market observers looked at the news was looked with favor.
The general consensus seems to be that the numbers were good enough to show that businesses are hiring, but not so good that it would cause the U.S. Federal Reserve bank to stop its “quantitative easing” program of buying up securities in order to prop up markets.
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