Technology stocks staged a big rebound late yesterday as investors went bargain-hunting after positive comments about computer giant IBM and hints the US manufacturing sector may have seen the worst of its downturn.
The technology-laced Nasdaq Composite Index jumped 31.40 points, or 1.46 per cent, to end at 2,183.23, zipping higher after falling more than 3 per cent earlier in the session. In a note to clients on Wednesday, Salomon Smith Barney analyst Mr John Jones pointed out upbeat remarks made by IBM storage executives. "In the Q&A IBM declined to comment on the current economic environment," Mr Jones said in the note. "However, the fact that it conducted this session and from the way it characterised its 2001 outlook at last month's fourth-quarter 2000 EPS release, one could conclude, and we do, that IBM remains comfortable with 2001 consensus EPS."
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