Technology stocks bounded higher today as investors decided that those companies are growing quickly enough to dodge the threat of rising interest rates. Old-fashioned blue-chip shares were little changed.

The technology-dominated Nasdaq composite index rose 136.96 its third biggest point gain in history. On Wall Street, the Dow Jones industrial average also rose. A day after the Federal Reserve imposed its fourth interest-rate increase since June 1999, investors poured money into shares of technology companies to the exclusion of all other sectors.

Analysts said investors are shaking off suggestions that the often slim profits of growing technology companies may be squeezed by rising interest rates.