Tech Stocks Rocket on Recovery Hopes
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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.