Better than expected results from Texas Instruments, Novellus and General Motors sent stocks soaring on Tuesday.
The ISDEX http://www.wsrn.com/apps/ISDEX/ gained 5 to 150, and the Nasdaq soared 63 to 1816. The S&P 500 surged 25 to 1128, and the Dow bolted 207 to 10,301. Volume rose to 1.36 billion shares on the NYSE, and 1.77 billion on the Nasdaq. Advancers led 22 to 9 on the NYSE, and 25 to 10 on the Nasdaq.
After the close, Intel
matched estimates and said it sees no broad economic recovery, but the stock rose 5% after hours anyway. Veritas
plunged on a warning, weighing on the storage sector. Terdyne
, RF Micro
, Internet Security
and Commerce One
beat estimates. Vitesse
During the day, Texas Instruments
gained 5-6% after beating estimates and raising guidance.
gained 9% after topping estimates, but Handspring
plunged 19% after missing estimates.
rose on reports of a potential buyout by eBay
, but finished well off its highs.
The battered wireless sector surged on better than expected results from Sprint PCS
, with Nextel
the biggest gainer.
Some technical comments on the market: Note: To see the charts in the text email newsletter, click on the internetstockreport.com story link at the top of the newsletter.
Breakouts today in the S&P (first chart) and Nasdaq (second chart), and the Dow (third chart) won’t need much upside at all tomorrow to join them. Resistance on the S&P is 1132-1135 and 1147-1152, and 1120 is now critical support. On the Nasdaq, resistance is 1860 and 1935, and 1800 is critical support. The Dow faces resistance at 10,400 and 10,500, and has support at 10,230.
Special report: For a free introduction to technical chart patterns, visit http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html.