The Nasdaq hit a new closing high Monday ahead of key earnings reports due out later this week.
Wednesday will be the most important day of the week, if not the whole earnings season. Intel and Yahoo
will report after the close that day, along with Apple
and QLogic
.
And Juniper , Sun
and Rambus
will follow on Thursday.
With share prices and expectations flying high, earnings reports may have to exceed estimates significantly to send the market much higher.
The Nasdaq surged 24 to 2111, the S&P 500 gained 5 to 1127, and the Dow climbed 26 to 10,485. Volume declined to 1.47 billion shares on the NYSE, and 2.3 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 21-11 margin on the Nasdaq. Upside volume was 63% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 425-2 on the NYSE, and 374-9 on the Nasdaq.
After the close, StorageTek jumped after raising guidance.
During the day, Broadcom and Juniper
surged on positive analyst comments, and Juniper also benefited from a Singapore deal.
Manugistics soared 19% on an upgrade.
HP rose 2% on news that it will be dual-listed on both the NYSE and Nasdaq stock exchanges.
Level 3 climbed 3% on VoIP plans.
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