Stocks Surge In Wild Ride

Stocks surged Friday on an unexpectedly upbeat UN report on Iraq inspections, gave back all the gains on concern about U.S. isolation on the international stage, and then somehow recovered to close at the highs of the day.

The Nasdaq surged 32 to 1310, the S&P 500 rose 17 to 834, and the Dow soared 158 to 7908. Volume declined to 1.37 billion shares on the NYSE, and 1.31 billion on the Nasdaq. Advancers led 20-11 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 78% on the NYSE, and 84% on the Nasdaq. New highs-new lows were 23-85 on the NYSE, and 58-85 on the Nasdaq.

Dell soared 10% after matching estimates and reaffirming guidance, and Intuit gained 5.5% after beating estimates and raising guidance. Analog Devices and NVIDIA also surged after beating estimates.

SINA soared 18% on a deal with Microsoft , which gained 2.8%.

AOL , up 3.6%, scrapped plans to merge CNN with ABC.

Internet Security fell 5.6% on concern about competition from Cisco .

Broadcom , up 3.4%, and Intel , up 4.2%, will go to trial again in their three-year-old patent dispute.

IBM , up 2.1%, is making inroads into the blade server market.

McData , up 2.5%, is making a sales push in China.

ValueClick gained 5% on its earnings report.

Apple , up 1%, released an OS X upgrade.

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