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RealTime IT News

Stocks Rise Despite Fed Comments

Stocks added to their recent gains Tuesday despite comments by the Federal Reserve that the economic outlook remains cloudy, as traders hoped that a quick victory in Iraq will improve that outlook.

The Nasdaq climbed 8 to 1400, the S&P 500 added 3 to 866, and the Dow rose 52 to 8194. Volume declined to 1.55 billion shares on the NYSE, and 1.61 billion on the Nasdaq. Advancers led 17-14 on the NYSE, and 17-14 on the Nasdaq. Upside volume was 68% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 49-33 on the NYSE, and 68-54 on the Nasdaq.

After the close, Oracle fell 6% after coming in light on license revenues and offering a wide range of guidance. Microchip lost more than 10% on a warning.

During the day, Applied Materials gained 3.1% despite announcing 14% layoffs.

Investors were apparently in a forgiving mood, as Gateway was unchanged after warning and announcing layoffs, and Tech Data gained 5.5% on a warning.

Intersil and Proxim gained more than 4% each after resolving a patent dispute.

FindWhat.com rose 1.6% after releasing a new ROI tool.

EDS rose fractionally despite another contract problem.

Dell , off 0.4%, won a big HMO contract.

Microsoft , up 0.5%, released management software. Microsoft is also making headway into the CRM market.

Chinadotcom gained 2.7% on an acquisition.

Apple , off 0.1%, is targeting the server market.

IBM , up 1 cent, plans to bring WiFi to truck stops.

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