RealTime IT News

Techs, Falling Oil Send Stocks Soaring

Stocks soared Tuesday on falling oil prices and optimism about the tech sector.

Tech stocks surged on upgrades and optimism ahead of major announcements by Apple , Intel and Texas Instruments later this week, and the broader market rallied as international efforts brought down oil prices and traders speculated that the Federal Reserve may halt its rate-hike campaign when it meets in two weeks.

The Nasdaq soared 25 to 2166, the S&P climbed 15 to 1233, and the Dow surged 141 to 10,589. Volume rose to 1.92 billion shares on the NYSE, and 1.44 billion on the Nasdaq. Advancers led 23-8 on the NYSE, and 20-10 on the Nasdaq. Upside volume was 83% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 241-20 on the NYSE, and 110-41 on the Nasdaq.

Intel and Texas Instruments gained on optimism ahead of their mid-quarter updates late Thursday. Analysts expect earnings of 36 cents a share on revenues of $9.92 billion from Intel, and earnings of 35 cents on sales of $3.44 billion from TI.

Apple shares surged 5.6% to a new all-time high on optimism ahead of a an expected music phone announcement with Motorola on Wednesday.

Cisco , Palm and RightNow gained on analyst upgrades.

Internet Capital climbed 6% on the sale of LinkShare to Rakuten .

Amdocs fell 5.6% on a Merrill Lynch downgrade.