Chip stocks led a broad stock market rally on Tuesday.
Analyst upgrades of Applied Materials, Broadcomand AMD— along with Dell’sunveiling of AMD-based desktops — and in-line guidance from Texas Instrumentssent the chip sectorto a 3.8% gain on the day.
HPgained 1.5% after chairwoman Patricia Dunn stepped down in the wake of a leak scandal.
Comverseand CDWrose on strong sales reports.
Level 3climbed 5% on a deal with YouTube.
Strong results from Best Buy, Goldman Sachsand McDonald’sboosted the broader market to multi-month highs, helped by falling oil prices and interest rates.
The Nasdaq soared 42 to 2215, the S&P 500 gained 13 to 1313, and the Dow rose 101 to 11,498. Volume rose to 2.79 billion shares on the NYSE, and 2.05 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 22-8 on the Nasdaq. Upside volume was 77% on the NYSE, and 91% on the Nasdaq. New highs-new lows were 196-62 on the NYSE, and 120-73 on the Nasdaq.