Stocks Surge Again As War Fears Ease

Stocks rallied for a second day on Tuesday on hope that war with Iraq can be delayed or averted.

The Nasdaq surged 36 to 1346, the S&P 500 climbed 16 to 851, and the Dow rose 132 to 8041. Volume declined to 1.19 billion shares on the NYSE, but rose to 1.32 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 21-10 on the Nasdaq. Upside volume was 85% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 36-41 on the NYSE, and 70-72 on the Nasdaq.

After the close, Overture announced that it will acquire Alta Vista, which is majority owned by CMGI . Photronics beat estimates.

During the day, Allen Telecom and Multex gained on news that they will be acquired, Allen by Andrew Corp. and Multex by Reuters. Multex soared 59%.

Cisco , up 4.6%, plans an ambitious ad campaign.

Qualcomm , up 2%, is developing a hybrid CDMA-GSM technology.

Rambus , up 0.8%, unveiled new parallel bus logic interface products.

Nokia , up 2.2%, announced partnerships with IBM, Sun and Texas instruments.

Microsoft closed at 24.96 in its first day of trading after completing a 2-for-1 split.

HP and Intel boosted their partnership, which could mean the end for HP’s RISC architecture.

Spirent gained 6% on a deal with Verizon .

Gartner said PC shipments may pick up in the second half.

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