Stocks End the Week on Top
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Consumer inflation data that wasn't as bad as feared was the only excuse investors needed to buy on Friday, while Microsoft (NASDAQ: MSFT) and Google (NASDAQ: GOOG) led tech stocks higher after merger talks between Microsoft and Yahoo (NASDAQ: YHOO) broke down.
Microsoft rallied for a second day on news that it won't overpay for Yahoo, while Google added 3% on a search ad deal with Yahoo. Yahoo ended the day little changed, closing well off its lows despite disappointment that Microsoft won't be buying the company.
Others posting strong gains included Intel (NASDAQ: INTC), Oracle (NASDAQ: ORCL), Applied Materials (NASDAQ: AMAT), Dell (NASDAQ: DELL), Adobe (NASDAQ: ADBE) and AMD (NYSE: AMD).
Qualcomm (NASDAQ: QCOM) added 2% to a new 52-week high, as the stock continued to gain in the wake of better than expected guidance.
Apple (NASDAQ: AAPL) continued to lag on worries about the health of CEO Steve Jobs after his appearance at the company's Worldwide Developers Conference (WWDC) this week, according to several reports.
The Nasdaq soared 50 to 2454, the S&P rose 20 to 1360, and the Dow surged 165 to 12,307. Volume declined to 4.05 billion shares on the NYSE, and 2.11 billion on the Nasdaq. Advancers led by a 24-9 margin on the NYSE, and 20-8 on the Nasdaq. Upside volume was 79% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 42-159 on the NYSE, and 54-174 on the Nasdaq.