Wall Street did it again today -- milling around aimlessly until the last hour of trading, then stampeding to a higher finish, lead by technology stocks.
Dawdling through the day -- as they have been doing for the last three sessions -- the Dow Jones industrial average and the Standard & Poor's 500 stock index finally started to move when technology stocks began to score significant gains on the Nasdaq Stock Market.
Still the Nasdaq Stock Market composite index ran away from the rest of the market, ending the session up 27 points at 2020.98. The 1.35 percent advance outpaced the other familiar indexes, which were up about eight-tenths of a percentage point.
The Dow advanced 85 points to 10,479.57. The S&P gained almost 10 points, closing at 1,144.06.
With today's gains all three index are now up slightly for the year.
Early trading gave no clue about where the market was going. By Bloomberg's tally, the S&P swung between profits and losses nine times in the first hour of trading alone.
Computer stocks set the pace, lead by Ciena Corp. of Linthicum, which was the biggest gainer among the S&P 500 stocks. Ciena shares jumped 41 cents to 43.54, a 13 percent gain.
Ciena gained in response to the announcement that Sprint, one of its biggest customers, would accelerate spending to upgrade its wireless network. The $1 billion investment by Sprint is expected to produce significant new business for Ciena.
Tech stocks have been leading the market higher recently because investors are counting on technology companies to record the biggest improvements when second quarter profit reports begin to flow in the next few days.