An early sell-off on war fears raised by President Bush’s State of the Union address turned into a victory for the bulls, as stocks bounced back for modest gains on the day.
As expected, the Federal Reserve left interest rates unchanged.
The Nasdaq gained 15 to 1358, the S&P 500 climbed 5 to 864, and the Dow rose 21 to 8110. Volume rose to 1.59 billion shares on the NYSE, and 1.5 billion on the Nasdaq. Advancers led 18-13 on the NYSE, but decliners led by a few shares on the Nasdaq. Upside volume was 60% on the NYSE, and 67% on the Nasdaq. New highs-new lows were 42-68 on the NYSE, and 54-73 on the Nasdaq.
After the close, AOLfell after topping estimates and announcing the departure of Ted Turner as vice chairman. InfoSpace, Foundry, Digital Riverand Netegritybeat estimates, while Neowareand Maximcame in light on revenues.
During the day, Rambusrocketed 57% after winning a key court ruling.
Looksmartfell 9.5% on its earnings report, but AskJeevessurged 10.4% to a new 52-week high on its report. Coriogained 5.8% on its report.
Verizon, up 4.4%, also topped estimates.
Novellusand Cymerrose after raising estimates. But Earthlink, Photon, RealNetworks, Veritas, Interwoven, Borland, Intersiland Advanced Fibrefell on their earnings reports.
Microsoft, up 2.2%, may soon have an antitrust oversight committee.
Sun, up 0.3%, continued its Java battle with Microsoft.
Intel, up 3.9%, released a new handheld chip.
Yahoo, up 1.1%, unveiled a pay radio service.
NVIDIA, up 2%, struck a deal with HP, which gained 2.7%.
DoubleClick, up 1.4%, released its annual advertising report.
Bluefly, off 1%, received a cash infusion.
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