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 22 points, or 0.6%, to 4,022 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) and Yahoo (YHOO) each climbing 1%, Facebook (FB) up 1.3% and Twitter (TWTR) gaining 1.7%.

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) and Micron Technology (MU), each up 2%.

On the downside, shares of Microsoft Corp. (MSFT) shed 0.2%. Deutsche Bank downgraded the stock to hold from buy. Also in the red were shares of Apple Inc.(AAPL), which were off a fraction.

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