Stocks soared Tuesday on falling oil prices and optimism about the tech sector.
Tech stocks surged on upgrades and optimism ahead of major announcements by Apple , Intel
and Texas Instruments
later this week, and the broader market rallied as international efforts brought down oil prices and traders speculated that the Federal Reserve may halt its rate-hike campaign when it meets in two weeks.
The Nasdaq soared 25 to 2166, the S&P climbed 15 to 1233, and the Dow surged 141 to 10,589. Volume rose to 1.92 billion shares on the NYSE, and 1.44 billion on the Nasdaq. Advancers led 23-8 on the NYSE, and 20-10 on the Nasdaq. Upside volume was 83% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 241-20 on the NYSE, and 110-41 on the Nasdaq.
Intel and Texas Instruments
gained on optimism ahead of their mid-quarter updates late Thursday. Analysts expect earnings of 36 cents a share on revenues of $9.92 billion from Intel, and earnings of 35 cents on sales of $3.44 billion from TI.
Apple shares surged 5.6% to a new all-time high on optimism ahead of a an expected music phone announcement with Motorola
on Wednesday.
Cisco , Palm
and RightNow
gained on analyst upgrades.
Internet Capital climbed 6% on the sale of LinkShare to Rakuten
.
Amdocs fell 5.6% on a Merrill Lynch downgrade.