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Sector Update: Technology Shares Higher On Jobs, Apple News

  • by MidnightTrader.com
    March 5, 2010 - 3:27 pm EST
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03:27 PM Eastern Standard Time, 03/05/2010 (MidnightTrader) — Dow Jones U.S. Technology Index (DJUSTC): +7.67, (+1.32%), to 588.09

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Top Technology Stocks

MSFT: -0.10%

AAPL: +4.02%

IBM: +0.57%

CSCO: +1.04%

GOOG: +2.33%

Technology shares kept gains in late trading on Friday as the responded to the better than expected jobs data and news from one of the sector’s biggest names.

The Dow Jones U.S. Technology Index rose by 7.67, or 1.32%, to 588.09.

The Labor Department reported U.S. nonfarm payrolls fell by 36,000 in February and the unemployment rate held at 9.7%. The employment report was better than expected, as economists surveyed by MarketWatch were forecasting a drop of 90,000. They expected the unemployment rate to rise to 9.8%.

On top of that, Apple (AAPL) said it would release its much-anticipated iPad on April 3 in the United States.

The producer of the iPhone said that all models of the iPad will be available in many other countries including Australia, Canada, Italy, Japan, Switzerland, and Britain, by late April.

Apple shares were up $8.48, or 4.02%, to $219.19.

Sutor Technology Group (SUTR) is down after the company says it has entered into agreements with several institutional investors for a direct placement of up to 2.74 million shares at $2.70 each. The gross proceeds from this offering will be approximately $7.4 million.

Sutor shares were down $0.26, or 8.31%, to $2.87.

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