By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Apple and Twitter shares rallied
to give the technology sector a boost Tuesday, even as the group
was weighed down by slumping shares of Microsoft and Google.
Apple (AAPL) rose 1.4% to close at $637.54 a day after the
iPhone maker unwrapped new software initiatives at its developer
conference in San Francisco.
Susquehanna analyst Chris Caso raised his price target for Apple
to $725 from $650, and said the company's software announcements
are "mostly evolutionary changes that continue to strengthen the
Apple ecosystem."
Twitter (TWTR) gained 2.6% to close at $32.58, as the social
network's stock turned positive for the week. Twitter is still down
nearly 50% year-to-date.
Chip stocks also were mostly up, with shares of Broadcom Corp.
(BRCM) gaining 3% to close at $35.88 and Intel Corp. (INTC) up 1.5%
to close at $27.66. The Philadelphia Semiconductor Index (SOX)
edged higher by 1%.
But the Nasdaq Composite Index (RIXF) was down 0.1% to close at
4,234. Among the notable decliners were Google Inc.(GOOGL), which
slipped 1.7% to close at $554.51, and Microsoft Corp.(MSFT), which
shed 1.2% to close at $40.29.
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