Tech stocks charge to front of Wall Street rally – SiliconBeat

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Technology shares, including those of tech companies based in Silicon Valley, charged higher on Monday, leading a broad-based Wall Street rally.

The SV 150 index, which tracks the aggregate performance of the 150 largest technology companies in the Bay Area, jumped 1.2 percent on Monday, while the tech-focused Nasdaq Composite also gained 1.2 percent.

Both of these technology oriented indexes out-performed the blue chip Dow Jones Industrial Average and the broad-based S&P 500 Index, which each rose 1 percent.

The three best-performing SV 150 stocks on Monday were San Francisco-based LendingClub, which soared 12.3 percent higher; San Francisco-based GLU Mobile, which jumped 7 percent; and Redwood City-based Silver Spring Network, which gained 4.7 percent.

LendingClub rose Monday after trading sessions during which the credit services company had slumped following the departure of its  chief executive officer.

No news events were associated with the climb in multimedia software firm GLU and network services company Silver Spring.

Of the 10 biggest companies in Silicon Valley by market value, only Facebook slumped on Monday.

Cupertino-based Apple was the best of the Silicon Valley Big 10 and soared 4.7 percent. Still, Apple remains well under the $100 a share mark. Monday’s gain was Apple’s best trading day since March.

Apple slipped below $100 as a closing price on April 27 and hasn’t topped that mark since.

Sunnyvale-based Yahoo jumped 2.7 percent, fueled at least in part by word that mega investor Warren Buffett was one of the bidders for the struggling Internet company.

San Jose-based Cisco Systems rose 1.7 percent, Santa Clara-based Intel was up 1.6 percent, Los Gatos-based Netflix gained 1.4 percent, San Jose-based Adobe increased 1.3 percent, San Francisco-based salesforce.com hopped 1.2 percent, Foster City-based Gilead Systems jumped 1.1 percent and Alphabet, owner of Google, notched up 0.8 percent.

Menlo Park-based Facebook tumbled 1 percent.

The biggest loser on Monday in the SV 150 was Redwood City-based Rocket Fuel, a digital advertising services firm. Rocket Fuel sank 3.8 percent, but no news was disclosed for the company.

Photo: Apple logo and iPhone screen by Getty Images

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