Mixed Results From AMAT

Investors hoping for more evidence of a rebound in technology spending will have to wait for Dell’s results on Thursday.

Applied Materials beat 4-cent estimates by a penny after the close on Tuesday, but revenues came in about 1% shy of estimates with a 25% year-over-year decline. The company said it expects sales to be only “flat to slightly up” next quarter, about 10% less than analysts were looking for, but management said it does expect an increase in capital spending and orders. The stock declined about 1% after hours.

Also after the close, Computer Sciences matched estimates and Aether and eSpeed beat.

The broader market posted strong gains during the day after the Federal Reserve said it doesn’t plan to raise interest rates any time soon.

The Nasdaq surged 25 to 1687, the S&P 500 rose 9 to 990, and the Dow gained 92 to 9310. Volume rose to 1.13 billion shares on the NYSE, and 1.36 billion on the Nasdaq. Advancers led 22-9 on the NYSE, and 21-10 on the Nasdaq. Upside volume was 76% on the NYSE, and 84% on the Nasdaq. New highs-new lows were 128-15 on the NYSE, and 119-13 on the Nasdaq.

Microsoft managed a small gain despite a $500 million judgment and a worm.

AOL Time Warner posted a small gain despite talk that the company may drop “AOL” from its name.

Critical Path soared 18% after winning a contract with HP .

Sonus surged 13% on expansion plans.

Aspen Tech rose 4% on financing hopes.

Overland fell 20% on a warning.

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