RealTime IT News

Goldilocks Visits Wall Street

News that the economy is not too hot and not too cold sent the Dow to another record high on Thursday.

Strong earnings reports from consumer companies and a Fed Beige Book survey that showed the economy was just right provided the excuse buyers were looking for to send the market higher after a week-long stall. Techs led the way, with the Nasdaq's gain of 1.6% well ahead of the Dow and S&P's gains of just under 1%.

Intel gained 3% on a UBS upgrade. The chip giant reports quarterly results Oct. 17. McAfee also rose on a UBS upgrade.

Transmeta surged 13% after suing Intel.

Palm gained 6% on a deal with Google .

VitalStream soared 20% on news that it will be acquired by Internap .

Lam Research was up slightly on strong results and a cautious outlook.

Systemax fell after delaying its earnings report.

The Nasdaq soared 37 to 2346, the S&P 500 rose 13 to 1362, and the Dow gained 95 to 11,947. Volume declined to 2.51 billion shares on the NYSE, and 2.05 billion on the Nasdaq. Advancers led 25-6 on the NYSE, and 23-7 on the Nasdaq. Upside volume was 83% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 292-14 on the NYSE, and 210-36 on the Nasdaq.