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Techs Stand Tall in 'Relief Rally'

After days of dismal news, mixed reports enough to rouse investors

By Nick McMaster,  Newser Staff

Posted Apr 10, 2008 3:34 PM CDT
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(Newser) – Stocks rallied despite a generally unfavorable climate today on positive news from Intel and Wal-Mart, though, with the exception of the Nasdaq, failed to hold on to session highs. The Nasdaq rose 29.58 to close at 2,351.70. The Dow, up triple-digits during the session, ended 54.72 higher at 12,581.98; the S&P 500 gained 6.06 to close at 1,360.55.

Analysts call today's uptick a "relief rally"—a limited bounce after successive days of bad news. Tech mainly benefited, as Intel was upgraded to “buy” from a “hold” rating by Bank of America. "The market is still in a repair pattern," one analyst said. "But we eventually need to see more positive news flow to really get the rally going."

Intel Corp Vice President and Chief Technology Officer Justin Rattner briefs the media on the work undertaken at Intel's Corporate Technology Group Labs in Bangalore, India, Wednesday, Jan. 16, 2008.
Intel Corp Vice President and Chief Technology Officer Justin Rattner briefs the media on the work undertaken at Intel's Corporate Technology Group Labs in Bangalore, India, Wednesday, Jan. 16, 2008.   (AP Photo/Aijaz Rahi)
Traders work on the floor of the New York Stock Exchange in this undated file photo.
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
A sign stands in front of the Wal-Mart Stores Inc. headquarters in Bentonville, Ark., in this Friday, Oct. 5, 2007 file photo.
A sign stands in front of the Wal-Mart Stores Inc. headquarters in Bentonville, Ark., in this Friday, Oct. 5, 2007 file photo.   (AP Photo/April L. Brown, file)
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