NEW YORK -- Investors brushed off worries about Microsoft's future Monday, sending its shares higher and fueling a rally in technology stocks that spread to the broad market.
The Dow Jones industrial average rose 77.87 to 10,811.78, and the Nasdaq composite index rose 97.42 to 3,958.08.
Advancing issues outnumbered decliners by nearly a 2-to-1 margin on the New York Stock Exchange and by a 5-to-3 margin on the Nasdaq.
Companies plan online marketplace
NEW YORK -- Compaq Computer Corp., Hewlett-Packard Co. and 10 other high-tech companies said Monday they will speed up their already fast-moving supply chains by creating an Internet marketplace for electronics and computer components.
The exchange will let participants buy and sell chips, hard drives and other parts by listing them in online catalogs and through auctions. The companies said they expect the exchange to reduce their costs and inventories and allow them to deliver products faster.
The exchange is expected to start operating within three months.
Old, new finance businesses unite
WASHINGTON -- The Federal Reserve on Monday approved big online broker Charles Schwab Corp.'s purchase of old-line investment firm U.S. Trust Corp., the financial industry's first major melding of old and new this year.
The acquisition was made possible by landmark legislation enacted in November, which removedDepression-era barriers and allowed banks, securities firms and insurance companies to get into one another's businesses.