Nokia soared 14% after raising guidance on Thursday, sending that Nasdaq to the 2100 level – a point above the index’s January 2002 peak that marked the start of the final leg down in the bear market.
Nokia said it expects earnings of 28-29 cents a share, well above previous guidance of 21-23 cents, on stronger than expected handset and equipment sales.
And Verizon’s capital spending plans sent shares of telecom equipment makers surging for a second day.
At the top of the gainers’ list was Avici Systems , which soared 30% on news of a partnership with Nortel
, a day after gaining 23% on rumors that the deal was pending. Avici finished well off its highs for the day, however.
The broader market rose ahead of Friday’s December employment report.
The Nasdaq gained 22 to 2100, the S&P 500 rose 5 to 1131, and the Dow climbed 63 to 10,592. Volume rose to 1.86 billion shares on the NYSE, and 2.69 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 19-12 on the Nasdaq. Upside volume was 68% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 506-6 on the NYSE, and 433-1 on the Nasdaq.
After the close, IBM said it is under investigation by the SEC for a deal with Dollar General.
During the day, Sun surged 10% on a Bank of America upgrade.
HP and Apple
gained on an iPod deal. HP investors shook off news about Dell’s
latest printer ambitions.
RSA rose 9% after raising guidance.
Sonic Solutions surged 12% on deals with Microsoft
and others.
Research In Motion fell 2% on news of a secondary offering.
Business Objects slipped 1% on acquisition integration plans.
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