Tech stocks had their best day in two months on Tuesday, raising hopes that the market’s four-month correction has run its course.
eBayhit a new all-time high, and Yahoohit its second straight 52-week high. (Don’t ask about Amazon.com, which would need to gain 40% to get back to its 52-week high set last October).
Ask Jeeves, Overstock, FindWhat.com, NetEaseand Sina.comwere among the names posting gains of 7% or more.
The broader market surged on falling oil prices and rising consumer confidence and home sales.
The Nasdaq soared 41 to 1964, the S&P 500 gained 17 to 1113, and the Dow surged 159 to 10,117. Volume rose to 1.55 billion shares on the NYSE, and 1.77 billion on the Nasdaq. Advancers led 28-5 on the NYSE, and 22-8 on the Nasdaq. Upside volume was 88% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 61-19 on the NYSE, and 53-48 on the Nasdaq.
After the close, CAand Portal Softwaremissed estimates. Semtech, Applied Signaland Agilebeat estimates, and TiVowarned.
During the day, Novellslid 8% on its results.
Blue Coat Systemsjumped 6% on a new security product.
Schwabfell 3% on plans to cut trading commissions.
SBClost ground after reaching a union agreement.
Ciscogained 3% on a new high-end router.
Jupitermedia, parent company of this Web site, jumped 11% on 10 times average volume after completing a secondary offering.
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