Technology stocks took the reins away from the blue chips today as eager buyers bid up shares of Google Inc., the glamorous Internet diva, and SanDisk Corp., maker of memory chips for digital cameras and other electronics.
SanDisk stock jumped 22 percent today and Google 12 percent, after both blew away Wall Street's estimates of how much money they would make during the third quarter. Those huge gains helped drive the Nasdaq Stock Market composite index up 14 points to 2,082.21.
The Nasdaq composite ended the week up 18 points while the Dow Jones industrial average closed the week down by 72 at 10,215.22, after falling 66 points today.
The Standard & Poor's 500 stock index also finished the week lower. Though the S&P gained 2 points today, it was down 7 for the week at 1,179.59.
The Dow was bulldozed by Caterpillar Corp., which reported that its quarterly profits fell short of targets because of rising fuel and raw material costs and component shortages.
SanDisk and Google set off a rush for technology stocks by investors searching for the next hot sector of the stock market. Energy and oil stocks have been this year's biggest hits, but this week investors bailed out of them as crude oil prices drifted lower.
Google's quarterly profits were seven times what the company made in the third quarter of last year--thanks to new services like instant messaging and maps that have been added to Google's Internet search service.
As the stock climbed more than $36 today to $339.90, analysts were predicting Google could go as high as $450 a share.
At the close of today's trading, Google had a stock market value of $99.5 billion. Predictions are it will hit $100 million next week--only 14 months after selling its first shares to the public. That would be the fastest zero-to-$100 million market value move in the history of the stock market.