Tech stocks lead U.S. market gains

The Nasdaq composite index of tech-dominated stock rose 0.78 percent Wednesday, continuing a rally that began when Cisco Systems announced Tuesday it had developed a powerful new Internet router.

Markets found support Wednesday from an Organization of Petroleum Exporting Countries prediction that oil demand would increase by 900,000 barrels per day this year, an indication global economies were poised for growth.

By close, the Dow Jones industrial average gained 2.95 points, 0.03 percent, to 10,567.33. The Standard & Poor's 500 index gained 0.45 percent, 5.16 points, to 1,145.61. The Nasdaq composite index rose 0.78 percent, 18.27 points, to 2,358.95.

On the New York Stock Exchange, 2,040 shares advanced and 985 declined on a volume of 5.4 billion shares traded.

The benchmark 10-year U.S. Treasury note fell 6/32 to yield 3.723 percent.

The euro rose to $1.3655 from Tuesday's $1.36. Against the yen, the dollar rose to 90.46 yen from Tuesday's 89.98 yen.

In Tokyo, the Nikkei 225 index lost 0.04 percent, 3.73, to 10,563.92.

In London, the FTSE 100 index added 0.68 percent, 38.27, to 5,640.57.

Copyright 2010 United Press International