The stock market got a late-day boost Wednesday after Verizonraised its capital spending guidance.
Verizon said it is budgeting $13 billion for capital expenditures for fiscal 2005, at the high end of forecasts. The news sent telecom and network stocks surging in the final hour of trading, after stocks had spent most of the day hovering around the unchanged level. Shares of Lucentgained almost 9% on the news.
The broader market also rose, as traders shook off yet another new high in crude oil prices to follow tech stocks higher on Verizon’s CapEx guidance.
The Nasdaq gained 15 to 1971, the S&P 500 rose 7 to 1142, and the Dow climbed 62 to 10,239. Volume rose to 1.42 billion shares on the NYSE, and 1.94 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 75% on the NYSE, and 72% on the Nasdaq. New highs-new lows were 321-18 on the NYSE, and 132-34 on the Nasdaq.
After the close, Intersilwarned.
During the day, Netegritysoared 36% on news that the company will be acquired by CA.
Apollofell 3% despite beating estimates.
Plumtreesurged 11% after raising guidance.
Adtran, Actuate, Enterasys, Credence, Open Text, SGI, Verticalnetand E.piphanyslumped on warnings.
Macromediagained 5% on an upgrade.