TECH STOCKS: Nasdaq Back Above 4,000 As Tech Plays Rally

By Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology stocks were mostly higher Monday, pushing the Nasdaq Composite Index back above 4,000.

The Nasdaq (RIXF) rose 23 points, or 0.6%, to close at 4,023 as the Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) each also moved up.

Internet and social media stocks led the rally, with Google (GOOG) rising 1.4% to close at $545.20 and Yahoo (YHOO) climbing 1.8% to close at $33.45. Facebook (FB) was up a fraction to close at $58.89 and Twitter (TWTR) gained 2% to close at $40.87.

Twitter disclosed in a regulatory filing on Monday that co-founders Jack Dorsey and Evan Williams as well as Chief Executive Richard Costolo have no plans to sell any of their shares.

Twitter also said Benchmark venture-capital funds, which are affiliated with a Twitter director, told the company they have "no present intention to sell or distribute stock to their limited partners before or immediately after the expiration of our lockup on May 5, 2014."

Other notable gainers were Workday Inc. (WDAY) which added 1.6% to close at $73 and Micron Technology (MU) which moved up 3.6% to close at $21.90.

On the downside, shares of Microsoft Corp. (MSFT) shed 0.1% to close at $39.18. Deutsche Bank downgraded the stock to hold from buy.

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