Stocks posted strong gains Friday despite lackluster investor response to earnings updates from Intel and Texas Instruments
.
Shares of Intel fell 3% after the company reaffirmed guidance on strong notebook sales, but confirmed that it is facing supply constraints.
TI, meanwhile, ended the day unchanged despite raising guidance well above analysts’ estimates late Thursday.
The broader market fared much better, posting strong gains on falling oil prices and a drop in a consumer confidence survey that raised hopes for a pause in the Federal Reserve’s rate hike campaign.
The Nasdaq rose 9 to 2175, the S&P climbed 9 to 1241, and the Dow surged 82 to 10,678. Volume rose to 1.97 billion shares on the NYSE, and 1.65 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 18-11 on the Nasdaq. Upside volume was 76% on the NYSE, and 65% on the Nasdaq. New highs-new lows were 257-18 on the NYSE, and 137-35 on the Nasdaq.
PalmSource soared 78% on a buyout offer.
Ameritrade climbed 5% after raising guidance, and Open Text
jumped 10% on its results.
