Cisco Sends Tech Stocks Soaring

By Paul Shread | August 08, 2007
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Stellar results from Cisco Systems sent its shares nearly 7% higher on Wednesday and propelled the Nasdaq to its best day since November.

Stocks weathered a late-day sell-off on rumors of credit troubles at Goldman Sachs that saw the Dow give up all its gains before recovering to end 1.1% higher after CNBC, citing a source, said the rumors were unfounded. The Nasdaq gained 2% on the day. Meanwhile, solid earnings from Toll Brothers gave some hope to the beleaguered housing sector.

Cisco wasn't the only tech stock hitting six-year highs. Priceline shares soared 22% after tripling its earnings, sending its shares to their best level in nearly seven years.

Time Warner Telecom , Harris Stratex and Brocade surged on their earnings news.

Sprint slipped 2% after reporting a big drop in earnings, and Leap Wireless plunged 25% on its results.

The Nasdaq soared 51 to 2613, the S&P 500 gained 20 to 1497, and the Dow surged 153 to 13,657. Volume rose to 5.4 billion shares on the NYSE, and 3.67 billion on the Nasdaq. Advancing issues led by a 23-9 margin on the NYSE, and 21-9 on the Nasdaq. Upside volume was 75% on the NYSE, and 77% on the Nasdaq. New highs-new lows were 155-443 on the NYSE, and 202-195 on the Nasdaq.