RealTime IT News

Stocks Ride Apple's Coattails

iPhone mania lifted Apple's shares to their second straight all-time high Wednesday, boosting technology stocks and helping the broader market overcome early weakness.

Intel rose 2% on news that it will supply chips for Apple TV, but the chip giant told Reuters it won't supply chips for the iPhone.

Synchronoss soared 16% on news that its software will be used by Cingular for the iPhone.

Yahoo gained 4% on a video distribution deal.

Adaptec fell on a drop in business from IBM .

Perficient gained on its outlook, while J2 Global and Ramtron fell on warnings.

Solid results from Alcoa kicked off earnings season on an upbeat note and lifted the broader market.

The Nasdaq rose 15 to 2459, the S&P 500 climbed 3 to 1414, and the Dow gained 25 to 12,442. Volume declined to 2.7 billion shares on the NYSE, and rose to 2.34 billion on the Nasdaq. Advancers led by a few issues on the NYSE, and 15-14 on the Nasdaq. Upside volume was 57% on the NYSE, and 73% on the Nasdaq. New highs-new lows were 149-25 on the NYSE, and 93-66 on the Nasdaq.