RealTime IT News

Stocks Soar As War Appears Certain

Stocks soared Monday as final efforts at diplomacy failed, making war with Iraq appear all but certain.

The Nasdaq soared 51 to 1392, the S&P 500 surged 29 to 862, and the Dow soared 282 to 8141. Volume rose to 1.7 billion shares on the NYSE, and 1.9 billion on the Nasdaq. Advancers led 21-9 on the NYSE, and 24-10 on the Nasdaq. Upside volume was 92% on the NYSE, and 91% on the Nasdaq. New highs-new lows were 66-65 on the NYSE, and 62-80 on the Nasdaq.

After the close, Applied Materials announced 14% layoffs, and Gateway and Tech Data warned.

During the day, Yahoo and Amazon powered to new 52-week highs. Yahoo launched its video subscription service.

Oracle gained 3.4% ahead of tomorrow night's earnings report. The company is expected to come in light on licensing revenues.

Verizon , up 2.4%, announced a major wireless broadband rollout. Sprint PCS , up 0.8%, enter the WiFi market.

Sun , up 9%, and Lucent , up 4.6%, announced a partnership.

Genesis Microchip rose 3.4% on news of a merger with Pixelworks .

Veritas , up 6.1%, restated revenues again.

Microsoft , up 4.3%, is scaling back its ISP ambitions. The company also announced another critical flaw.

Research In Motion , up 6.1%, scored a deal with Microsoft.

Adaptec , up 8.1%, unveiled new storage technology.

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