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, AOL fell after topping estimates and announcing the departure of Ted Turner as vice chairman. InfoSpace
, Foundry
, Digital River
and Netegrity
beat estimates, while Neoware
and Maxim
came in light on revenues.
During the day, Rambus rocketed 57% after winning a key court ruling.
Looksmart fell 9.5% on its earnings report, but AskJeeves
surged 10.4% to a new 52-week high on its report. Corio
gained 5.8% on its report.
Verizon , up 4.4%, also topped estimates.
Novellus and Cymer
rose after raising estimates. But Earthlink
, Photon
, RealNetworks
, Veritas
, Interwoven
, Borland
, Intersil
and Advanced Fibre
fell 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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