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- Technology stocks joined a broad market rally Monday on news that former Treasury Secretary Lawrence Summers had withdrawn his name from consideration for the top post at the Federal Reserve.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 1.5% at the opening bell. The Wall Street Journal reported that China Telecom Corp. was cutting back on subsidies for the iPhone. Shares of Groupon Inc. (GRPN) also were down sharply by more than 3%. But tech stocks were mostly higher, as the Nasdaq Composite Index (RIXF) gained 24 points, or 0.6%, to 3,746. The Philadelphia Semiconductor Index (SOX) was up nearly 1%.
-Benjamin Pimentel; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-16-13 0946ETCopyright (c) 2013 Dow Jones & Company, Inc.
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