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NEW YORK -- Technology stocks soared today, lifting blue chips more modestly and giving the Nasdaq composite index its first three-day winning streak since Labor Day. Dow rises 5.28;
Nasdaq soars 116Associated Press
An earnings warning from Hewlett-Packard after the market closed raised questions about the sustainability of those gains. But analysts were pleased with the session's upward trend, particularly in the battered tech sector.
"It's not a full-blown green light to recovery, but this is a good sign," said Brian Belski, fundamental market strategist for US Bancorp Piper Jaffray. "It would be naive to think there's not going to be some downward surprise from earnings as we get into the reporting season, but I think investors are starting to think with a longer-term, more disciplined approach to investing."
After a weak start, the Nasdaq closed up 4.6 percent, rising 116.39 to 2,640.57, extending a rally that began Tuesday. The Dow Jones industrial average rose 5.28 to 10.609.55 after spending most of the day in negative territory. The broader Standard & Poor's 500 gained 13.55 to 1,326.82. Advancers led decliners 5 to 4 on the New York Stock Exchange, with 1,635 up, 1,255 down and 419 unchanged. Volume was 1.36 billion shares vs. 1.29 billion yesterday. The NYSE composite index rose 3.13 to 646.46, the American Stock Exchange composite index gained 13.26 to 894.53 and the Russell 2000 index climbed 8.41 to 483.86.
The Treasury' s 10-year note fell 1/32 to 104 26/32; its yield rose 1 basis point to 5.11 percent. The 30-year bond fell 19/32 to 110 9/32; its yield rose 4 basis points to 5.54 percent.
Tech stocks were strong, led higher by bellwethers like Microsoft, up $2.13 at $55, and Cisco Systems, up 8 percent, gaining $2.88 to $39.13.