Stocks Soar On Manufacturing Gain

The first sign of growth in the manufacturing sector since August got stocks off to a rousing start to the new year.

The Nasdaq soared 49 to 1384, the S&P 500 surged 29 to 908, and the Dow soared 265 to 8607. Volume rose to 1.23 billion shares on the NYSE, and 1.29 billion on the Nasdaq. Advancers led 25 to 7 on the NYSE, and 23 to 10 on the Nasdaq. Upside volume was a stunning 93.8% on the NYSE, and 91% on the Nasdaq. New highs-new lows were 67-11 on the NYSE, and 54-20 on the Nasdaq.

After the close, Advent warned, and a warning from Home Depot could weigh on the broader market.

During the day, it was hard to find a beaten-down telecom stock that didn’t gain 10%, with Lucent , Nortel , Ciena , Ericsson and JDS Uniphase all gaining 10% or more.

Last year’s big winners, like eBookers and United Online , lagged.

Hitachi , up 3.8%, completed the $ 2 billion acquisition of IBM’s hard drive business.

Internet Capital Group gained 8% on the sale of

Check Point gained 8% on an upgrade, while Parametric fell 14% on a warning.

Apple , up 3.3%, updated iCal and iSync a week before the Macworld conference.

E*Trade , up 5%, is boosting its presence on the Chicago Stock Exchange.

Credence , up 8%, acquired a rival.

Comtech rose 4.5% on a $1.5 million order.

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