By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks joined a broad market rally Monday on news that former Treasury Secretary Lawrence Summers had withdrawn his name from consideration for the top post at the Federal Reserve.
But shares of Apple Inc. (AAPL) slipped nearly 2% at the opening bell. The Wall Street Journal reported that China Telecom Corp. was cutting back on subsidies of the iPhone that suggests users will have to pay more upfront for the iPhone 5S than those who bought the iPhone 5 last year.
But tech stocks were mostly higher, as the Nasdaq Composite Index (RIXF) gained 16 points, or 0.4%, to 3,738. The Philadelphia Semiconductor Index (SOX) was up nearly 1%, while the Morgan Stanley High Tech 35 Index (MSH) rose 0.3%.
The Dow Jones Industrial Average was up 156 points on news that Summers will not be the next Federal Reserve head.
Gains came from Oracle Corp. (ORCL) which was up 1.8% and Yahoo Inc. (YHOO) which was up nearly 2%.
On the downside, shares of Groupon Inc. (GRPN) shed more than 2%, while Hewlett-Packard Co. (HPQ) gave up nearly 1%.
-Benjamin Pimentel; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-16-13 1034ETCopyright (c) 2013 Dow Jones & Company, Inc.
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