By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks edged up Tuesday,
with gains from Apple Inc. and Netflix Inc., as the sector tried to
make up for ground lost during the prior session's big retreat.
Apple (AAPL) rose almost 1%, to $101.87 as industry analysts
expressed more opinions on the likely impact of the company's new
Apple Pay digital payment service. Susquehanna analyst Chris Caso
said he thinks Apple Pay "is going to be a hit," and said it was
easier to use than Google Inc.'s Google Wallet offering. Apple
introduced Apple Pay earlier this month at an event in which it
also unveiled the new iPhone 6 and iPhone 6 Plus.
An Apple representative also told CNBC that it was "not true"
that the company was planning to shut down its recently acquired
Beats Music streaming service.
Gains also came from Netflix Inc. (NFLX), Yahoo Inc. (YHOO),
Amazon.com Inc. (AMZN) and Facebook Inc. (FB).
In Alibaba Group (BABA) news, the Chinese Internet leader's
recently-offered shares slipped by 1.7% to $88.33. However,
Alibaba, which raised $25 billion during its IPO last week, is
still worth enough to make founder and executive chairman Jack Ma
the richest man in China, according to the Wall Street Journal.
The Nasdaq Composite Index (RIXF) rose almost 3 points to 4,530
and the Philadelphia Semiconductor Index (SOX) also edged into
positive territory. Both indexes include a significant number of
tech stocks.
(Read more about the day's market activity in Movers &
Shakers http://www.marketwatch.com/storyno-meta-for-guid.).
Subscribe to WSJ: http://online.wsj.com?mod=djnwires