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Tuesday, June 28, 2011

US Tech sector lifts stocks (ext)

NEW YORK (CNNMoney) -- Stocks started off the week with solid gains, as strength in the technology sector boosted all three major indexes.

The Dow Jones industrial average (INDU) rose 108 points, or 0.9%, with 26 of its 30 components in the black.

Overall, the S&P 500 (SPX) added 11 points, or 0.9%; and the tech-heavy Nasdaq (COMP) rose 35 points, or 1.3%.

Meanwhile, jitters about Greece's debt crisis still hang in the air, but could be overshadowed temporarily by optimism about the upcoming earnings season.

"The market is looking queasy, but that is not unusual as June comes to an end," said Don Hays, chief investment officer for Hays Advisory Group. "Just keep this in mind -- today, the stock market is giving you the best value of any time in the last 30 years, and the earnings of corporate America are up to records and headed higher."

Expect markets to be volatile this week, said Rich Ilczyszyn, market strategist with futures broker Lind-Waldock.

"This is the last week of the month and we have a big holiday this weekend. I'm actually looking for the big boys -- the big traders -- to lighten their loads and reduce some risk probably by Wednesday," he said.

It has been a difficult and choppy three months for Wall Street. The Dow has fallen 3% since March 3, while the broader market S&P 500 index is down 4.3%.

The dollar slipped against the British pound and the euro, but rose versus the Japanese yen.

Oil for August delivery slipped 55 cents, settling at $90.61 a barrel.

Gold futures for August delivery fell $4.50 to settle at $1,496.40 an ounce.

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