Tech Stocks Soared Too

The sector had some big winners today.

MarketWatch: Tech stocks surge in late-day trading Nvidia, Amazon, Cisco and Adobe lead gains as Nasdaq jumps 9.5%.The turnaround, which pushed the Nasdaq Composite Index was the second best trading day in the past seven years. The best was an 11.8% gain on Oct. 13.

…The Nasdaq Composite Index rose 143.6 points to close at 1,649.5, while the Morgan Stanley High Tech 35 Index was up 11.2% and the Philadelphia Semiconductor Index added 9.4%.

…”Sadly, looking out six months, we’re even less optimistic about the Nasdaq than the broader stock market,” he said. “The Nasdaq has held up reasonably well so far, and we’re afraid slashed growth estimates will hurt profit forecasts here more than most sectors.”

 Nvidia Corp. led the gainers, rising 15.1% to close at $8.02, while Adobe Systems rose 14.3% to close at $27.07.  gained 13% to close at $56.04, while Cisco Systems, Inc added 13.8% to close at $18.31.

Other major tech players also advanced, including Microsoft Corp. , Oracle Corp. , Google Inc., Hewlett-Packard, Intel Corp.,  and eBay Inc.

However, Advanced Micro Devices Inc.lost 3.4% to close at $2.84.

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