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Tech Stocks Rocket on Recovery Hopes

A pledge from the G-20 countries and a couple of upgrades sent stocks higher on Monday.

November 9, 2009
By Paul Shread: More stories by this author:

Stocks soared Monday after the Group of 20 nations pledged to leave economic stimulus measures in place, while analyst comments boosted the tech sector.

Adobe (NASDAQ: ADBE) and Salesforce (NYSE: CRM) surged on Goldman Sachs upgrades on an improving outlook.

Research in Motion (NASDAQ: RIMM) and Apple (NASDAQ: AAPL) gained on reports of uninspiring Droid phone sales.

Applied Materials (NASDAQ: AMAT) and Dell (NASDAQ: DELL) — two companies with upcoming earnings reports — were strong, up 4.6 percent each.

AMAT will report its quarterly results on Wednesday. Dell will report its numbers on Nov. 19, and HP (NYSE: HPQ) on Nov. 23.

AMD (NYSE: AMD) and Intel (NASDAQ: INTC) benefited from upbeat comments on the chip sector from IDC and Wells Fargo.

eOn Communications (NASDAQ: EONC) soared 75 percent on a 217 percent jump in revenues.

After the close, Priceline (NASDAQ: PCLN) surged 8 percent after reporting a big jump in bookings.

The Nasdaq surged 41 to 2154, the S&P 500 gained 23 to 1093, and the Dow jumped 203 to 10,226. Volume rose to 4.46 billion shares on the NYSE, and 2.03 billion on the Nasdaq. Advancers led by a 25-5 margin on the NYSE, and 18-8 on the Nasdaq. Upside volume was 94 percent on the NYSE, and 78 percent on the Nasdaq. New highs-new lows were 232-31 on the NYSE, and 108-31 on the Nasdaq.


TAGS: stocks, stock market




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