Technology stocks soared to a 17-month high Tuesday on upgrades from two influential Goldman Sachs analysts.
Software analyst Rick Sherlund upgraded Oracleand PeopleSoft, while hardware analyst Laura Conigliaro made bullish comments on Delland Seagateand said IBM’sbusiness is improving. The two had turned cautious on their sectors in late 2000.
With a better than expected ISM national manufacturing report boosting the broader market, the day was a banner one for investors.
The Nasdaq surged 31 to 1841, the S&P 500 rose 13 to 1021, and the Dow gained 107 to 9523, all new 52-week highs. Volume rose to 1.45 billion shares on the NYSE, and 1.79 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 22-9 on the Nasdaq. Upside volume was 83% on the NYSE, and 77% on the Nasdaq. New highs-new lows were 425-5 on the NYSE, and 413-7 on the Nasdaq.
Also helping the mood was a bullish report on chip sales and a promising survey of CIOs.
InterActiveCorpslipped 1% on a shake-up in the online hotel room industry.
Qwestgained more than 4% on a contract extension.
Siebeland Sunrose on renewed ties.
Ciscoclimbed 2.4% after Salomon Smith Barney upped its price target on the stock to $23.
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