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RealTime IT News

Stocks Surge On Bush Comments

Stocks surged Tuesday after President Bush said he plans to reappoint Fed Chairman Alan Greenspan.

The Nasdaq rose 26 to 1451, the S&P 500 gained 19 to 911, and the Dow surged 156 to 8484. Volume soared to 1.64 billion shares on the NYSE, and 1.6 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 20-10 on the Nasdaq. Upside volume was 84% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 202-20 on the NYSE, and 138-30 on the Nasdaq.

After the close, eBay beat estimates and raised guidance. Ask Jeeves , PeopleSoft , CheckFree , WebSense , Corning , Advanced Fibre and StorageTek also beat estimates, while Cymer and Hutchinson missed.

During the day, AOL gained 3% after raising cash with the sale of Comedy Central, but the company also faces new investigations. AOL reports earnings tomorrow morning.

RealNetworks rose 7% on the acquisition of Listen.com for $36 million.

Silicon Labs climbed 4% on its earnings report, but E.piphany , Lending Tree , J2 Global , Cognizant , JDA and Sprint fell on their reports.

Nokia rose 2.5% on a security acquisition.

Microsoft added 2% after easing Windows licensing requirements.

AMD climbed 1.4% after unveiling its 64-bit chips.

HP gained 3% on a cable deal.

Qwest rose 5% on a new DSL push.

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