AMAT, ADC Send Tech Stocks Soaring
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Applied Materials (NASDAQ: AMAT) and ADC Telecom (NASDAQ: ADCT) led the Nasdaq to its best rally in two weeks on Wednesday.
AMAT shares gained more than 3 percent after the chip equipment maker beat estimates and raised its outlook.
The news sent Lam Research (NASDAQ: LRCX) higher by 5 percent.
ADC shares soared 29 percent the sixth-biggest percentage gainer on U.S. stock exchanges for the day after the company raised its profit forecast and said it would reduce its workforce by 4 percent.
The rest of the stock market surged on a day that saw no surprises or interest rate policy changes from the Federal Reserve.
Dell (NASDAQ: DELL) rose 3.4 percent, adding to its gains ahead of its earnings report later this month.
Palm (NASDAQ: PALM) and Research in Motion (NASDAQ: RIMM) fell on worries about competition from Microsoft (NASDAQ: MSFT) and Nokia (NYSE: NOK).
Clearwire (NASDAQ: CLWR) tumbled nearly 18 percent after missing sales forecasts.
RealNetworks (NASDAQ: RNWK) lost 4 percent after losing a DVD copying ruling.
The Nasdaq rose 29 to 1998, the S&P 500 gained 11 to 1005, and the Dow rose 120 to 9361. Volume rose to 5.5 billion shares on the NYSE, and 2.19 billion on the Nasdaq. Advancers led by a 27-10 margin on the NYSE, and 19-8 on the Nasdaq. Upside volume was 80 percent on the NYSE, and 84 percent on the Nasdaq. New highs-new lows were 71-44 on the NYSE, and 55-9 on the Nasdaq.