December 09, 2011, 5:25 PM — U.S. stocks posted widespread gains on Friday, and one of the biggest beneficiaries of the upward swing was the tech sector.
In a day of trading reminiscent of the Internet Gold Rush -- otherwise known as the Era of Irrational Exuberance -- the vast majority of major technology companies saw shares rise.
Just check out this list:
Groupon (NASDAQ: GRPN), up 5.4%
Oracle (NASDAQ: ORCL), 3.1%
AOL (NYSE: AOL), 3.0%
Netflix (NASDAQ: NFLX), 2.1%
Dell (NASDAQ: DELL), 1.9%
Cisco Systems (NASDAQ: CSCO), 1.7%
Verizon (NYSE: VZ), 1.6%
LinkedIn (NASDAQ: LNKD), 1.3%
Amazon.com (NASDAQ: AMZN), 1.3%
Microsoft (NASDAQ: MSFT), 1.2%
Sprint Nextel (NYSE: S), 1.2%
Hewlett-Packard (NYSE: HPQ), 0.9%
Apple (NASDAQ: AAPL), 0.8%
AT&T (NYSE: T), 0.6%
While most of the above stocks posted relatively modest gains, it's still unusual these days to see this kind of across-the-board positive movement. And collectively, we're looking at a lot of increased market capitalization.
Interestingly, Apple shares climbed nearly 1% despite two legal defeats on Friday, while HP posted an almost identical gain on the day it announced it was placing the fate of webOS in the hands of the open source community.
The only tech stock I could find (without conducting an exhaustive search) was Pandora Media (NYSE: P), which dropped 5.1% on news that popular music streaming company Spotify unveiled a radio app.