Small stock focus: Shares gain, led by technology issues; Software merger announcements cited
Small stocks and the Nasdaq stock market closed up, boosted by strength in the technology sector.</br></br>The Nasdaq Stock Market Composite Index gained 14.14, or 1.4%, to 1039.69. The Russell 2000 index of small-cap issues was up 0.57%, or 1.69, to 296.24, while the Standard & Poor's Small Cap 600 index added 0.81%, or 0.92, to close at 114.57.</br></br>Technology stocks advanced throughout the day, pushed partly by merger announcements in the education and multimedia software industry. The annual American Electronics Association conference currently being held in Monterey, Calif., has also focused investors' attention on the technology market.</br></br>The Nasdaq computer index, a closely followed proxy for the technology industry, climbed 2.7%, and the Morgan Stanley High-Technology 35 Index was up 3%.</br></br>"Investors are expecting more consolidation in the software market," said Tony Cecin, director of equity trading with Piper Jaffray Inc. "It may be educational software now, but it may roll over into games or entertainment next."