News that the economy is not too hot and not too cold sent the Dow to another record high on Thursday.
Strong earnings reports from consumer companies and a Fed Beige Book survey that showed the economy was just right provided the excuse buyers were looking for to send the market higher after a week-long stall. Techs led the way, with the Nasdaq’s gain of 1.6% well ahead of the Dow and S&P’s gains of just under 1%.
Intel gained 3% on a UBS upgrade. The chip giant reports quarterly results Oct. 17. McAfee
also rose on a UBS upgrade.
Transmeta surged 13% after suing Intel.
Palm gained 6% on a deal with Google
.
VitalStream soared 20% on news that it will be acquired by Internap
.
Lam Research was up slightly on strong results and a cautious outlook.
Systemax fell after delaying its earnings report.
The Nasdaq soared 37 to 2346, the S&P 500 rose 13 to 1362, and the Dow gained 95 to 11,947. Volume declined to 2.51 billion shares on the NYSE, and 2.05 billion on the Nasdaq. Advancers led 25-6 on the NYSE, and 23-7 on the Nasdaq. Upside volume was 83% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 292-14 on the NYSE, and 210-36 on the Nasdaq.