Technology Shares Soar As Markets Roar Back
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Technology stocks soared across the board as US stockmarkets rebounded overnight. The Nasdaq composite index leapt almost 12 percent, or 194.74 points, to close at 1844.25 at 7am, Sydney time. The Dow Jones industrial average was up 936 points, or 11 percent at 9387.61. All stocks in CDN’s page 4 listing carry a plus mark. Big gainers included Apple, up $13.46, or almost 14 percent, to $110.26, after a week below $100; and Google, which jumped $49.02, or 14.7pc, to close at $381.02.

Technology stocks soared across the board as US stockmarkets rebounded overnight. The Nasdaq composite index leapt almost 12 percent, or 194.74 points, to close at 1844.25 at 7am, Sydney time. The Dow Jones industrial average was up  936 points, or 11 percent at 9387.61. All stocks in CDN’s page 4 listing carry a plus mark. Big gainers included Apple, up $13.46, or almost 14 percent, to $110.26, after a week below $100; and Google, which jumped $49.02, or 14.7pc, to close at $381.02.

Industry bellwethers Hewlett Packard (up 12pc), Intel (11.8pc), Microsoft (18.6pc) and Oracle (13pc) all had heroic rises. Canada’s Research In Motion was up 15.5pc.

The US resurgence followed a good day for most Australian tech stocks on the ASX. Telstra was up 4.6pc at $4.09; while Oakton, Bravura and Technology One all recorded good rises.

 Intel kicks off earnings reports from technology companies today, US time. The microchip maker has seldom looked stronger ­ but fears about what could happen to technology demand have seldom loomed larger.

The Silicon Valley giant is riding one of its strongest product lineups in years. Intel microprocessors serve as the calculating engines for most PCs.
Now Intel is trying to expand by promoting netbooks and new pocket-sized devices.

The Wall Street meltdown has cut Intel’s market capitalisation by US$43 billion, or about one third, since the beginning of September. Intel’s numbers for the quarter ended September 30 might not be hurt but there is intense interest in what the chipmaker and other tech companies will say about the prospects for the current quarter ­ traditionally the busiest for electronics makers.