Technology stocks got a boost Tuesday from a number of analyst upgrades.
Chip stocks were one of the strongest sectors on the day, thanks to a 4% gain in shares of Applied Materials
on a Bank of America upgrade from neutral to buy on strength in the chip equipment giant’s solar power equipment business. Intel
benefited from upbeat comments from UBS.
Oracle and AutoDesk
gained on Goldman Sachs upgrades.
Seagate was a drag, however, falling 6% after warning of lower than expected sales, weighing on rival Western Digital
.
DivX surged 12% after raising its outlook.
The Dow, meanwhile, posted its eighth straight gain for the first time in four years. better than expected results after the bell from Alcoa could extend that streak, but traders will also have Federal Reserve meeting minutes to contend with Wednesday afternoon.
The Nasdaq rose 8 to 2477, the S&P 500 added 4 to 1448, and the Dow gained 4 to 12,573. Volume rose to 2.49 billion shares on the NYSE, and 1.91 billion on the Nasdaq. Advancing issues led by a 20-12 margin on the NYSE, and 16-13 on the Nasdaq. Upside volume was 63% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 269-21 on the NYSE, and 139-50 on the Nasdaq.