RealTime IT News

Stocks Stage Rebound

Stocks staged a dramatic rebound on Wednesday, ending the day higher after yet another sell-off on sub-prime mortgage worries. The Dow reversed course after slipping below 12,000 for the first time since early November and finished nearly 200 points off its lows.

Tech stocks led the way higher after the Nasdaq 100 refused to follow blue chips to new lows for the month. The resilience in the tech sector encouraged bargain hunters. But with consumer and wholesale inflation reports on deck the next two days, traders could face more volatility.

Microsoft gained 2.5% on its acquisition of Tellme Networks.

CommScope and Sapient gained after raising guidance, while AudioCodes and Diamond tumbled on their outlooks.

SMTC climbed on its earnings report, while SeaChange and Microvision fell on their results.

The Nasdaq rose 21 to 2371, the S&P 500 gained 9 to 1387, and the Dow rose 57 to 12,133. Volume rose to 3.76 billion shares on the NYSE, and 2.32 billion on the Nasdaq. Advancing issues led by a 19-12 margin on the NYSE, and 16-13 on the Nasdaq. Upside volume was 68% on the NYSE, and 73% on the Nasdaq. New highs-new lows were 48-94 on the NYSE, and 49-174 on the Nasdaq.