RealTime IT News

Stocks Stage Comeback

Stocks staged a late-day rally Wednesday to end the day with solid gains, capping a volatile day that saw the major indexes trade in a wide range.

Stocks spent much of the day on the defensive on concerns about the credit market, with reports of hedge fund losses and unsubstantiated rumors of pending bankruptcy at Beazer Homes the latest source of traders' unease.

But stocks ended the day on the upside after buyers stepped in the final 30 minutes of trading.

Apple gained 2.5% after Citigroup said a sell-off in the company's shares on reports of iPhone and iPod production cuts was overdone. Citigroup called the production cuts normal ahead of new product introductions.

Hutchinson surged 11% on its results, and Navteq gained 17% on its earnings report. RealNetworks and WebMD rose about 8% each on their profit reports.

FiberTower surged on a deal with Sprint .

SiRF , TTM and SumTotal fell on their results.

The Nasdaq added 7 to 2553, the S&P 500 climbed 10 to 1465, and the Dow rose 150 to 13,362. Volume rose to 5.06 billion shares on the NYSE, and 3 billion on the Nasdaq. Declining issues led by an 18-13 margin on the NYSE, and 18-12 on the Nasdaq. Upside volume was 51% on the NYSE, and 53% on the Nasdaq. New highs-new lows were 32-499 on the NYSE, and 65-375 on the Nasdaq.