US stocks up, helped by technology

A rise in technology stocks helped the US stock market finish higher yesterday. The Nasdaq Composite Index rose 16.07 points, or 0.9 percent, to 1,910.38, its first close above 1,900 since July 20. The Dow Jones Industrial Average and the S&P 500, however, made marginal gains of just 1.69 points to 10,314.76 and 1.89 points, or 0.2 percent, to 1,125.81, respectively.

After the recent weakness in the market, some brokers are turning more optimistic again. Smith Barney has increased its recommended equity allocation to "overweight" and lowered its cash weighting, citing a more constructive view for 2005, while J.P. Morgan Securities strategists raised their end of 2004 S&P 500 target to 1,200, from 1,150.

For more details, see "U.S. stocks end higher; Nasdaq back above 1,900".