Stocks Gain Despite Rising Tensions

Stocks climbed Wednesday despite escalating international tensions. Russia, France and Germany said they will oppose a new UN resolution on Iraq, while the U.S. said it is prepared to act alone.

The Nasdaq rose 6 to 1314, the S&P 500 gained 7 to 829, and the Dow climbed 70 to 7775. Volume rose to 1.3 billion shares on the NYSE, and 1.36 billion on the Nasdaq. Advancers led 17-14 on the NYSE, while decliners led 16-15 on the Nasdaq. Upside volume was 62% on the NYSE, but only 43% on the Nasdaq. New highs-new lows were 89-174 on the NYSE, and 59-89 on the Nasdaq.

Oracle fell 4% after Lehman Brothers said licensing revenues may come in light when the company reports on March 18.

Rambus fell 10.5% on a mixed ruling in the FTC case.

Intel rose 2.2% ahead of a mid-quarter update on Thursday. The company also signed a WiFi deal in Asia.

Corning gained 7.2% after reaffirming guidance. Tibco fell 7.1% after warning.

UTStarcom slipped 2.2% after saying it will acquire CommWorks from 3Com , which rose 5.8%.

AOL gained 1.7% on an upbeat presentation.

Maxim and Genesis gained on positive guidance.

EBay , up 1%, spawned a new feeder business.

Sony , up 0.5%, expressed interest in Palm’s software division.

Covad , up 0.5%, is targeting Mac users.

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