Tech stocks paced solid gains for the stock market Tuesday, led by a 4% gain in shares of Google .
Google rose after a judge suggested that the U.S. Justice Department may not get the search data it is seeking in a landmark Internet privacy battle. The government also scaled back its request as a result of Google’s protest.
The apparent victory was a bright spot for Google, which has lost a quarter of its value since disappointing Wall Street six weeks ago.
The broader market posted strong gains in Tuesday’s session, as a big drop in retail sales sparked a rally in the bond market. Solid results from Goldman Sachs also helped boost investor confidence.
The Nasdaq surged 29 to 2295, the S&P 500 gained 13 to 1297, and the Dow rose 75 to 11,151. Volume rose to 2.17 billion shares on the NYSE, and 1.95 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 82% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 184-43 on the NYSE, and 146-44 on the Nasdaq.
Sierra Wireless gained 6% on a Lehman upgrade.
Comverse Tech tumbled 15% after the company said it may have to restate past results because of a stock option review.
Sonus and Verint
declined on their results.