After weeks of warnings from top technology and Internet names, investors were pretty pleased just to get in-line results and guidance from Dell.
Dell gained 4% on Friday, and rescued the rest of the market from what might have been another sell-off on another new all-time high for oil prices, falling consumer confidence and a record trade deficit. About the only good news on the economic front was that wholesale inflation was contained in July.
The Nasdaq rose 4 to 1757, the S&P 500 added 1 to 1064, and the Dow climbed 10 to 9825. Volume declined to 1.17 billion shares on the NYSE, and 1.35 billion on the Nasdaq. Advancers led 19-13 on the NYSE, while breadth was even on the Nasdaq. Upside volume was 54% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 28-110 on the NYSE, and 13-235 on the Nasdaq.
Dell wasn’t the only tech company winning over Wall Street with its results. Brocade, BEA, Overlandand Agilentgained on their quarterly reports.
Analog Devicesslipped on its results.
Sohu.comfell 10% on problems with China Mobile.
And as Google prepares to go public, the company formerly known as Lindows lowered its IPO expectations.