Techs Lead Mega Stock Rally

The Nasdaq added 2.5% of its value, or 62.52 points, to close at 2563.16, its biggest gain of the year. Techs were up across the board, after hard-disk manufacturer Seagate announced better-than-expected profits and outlook, and Apple hinted at a new line of iPods. Nokia and Intel posted big gains, but the surge was felt widely: winners outnumbered losers more than 6 to 1 on Wall Street.

Ben Bernanke also gave shares a boost when he told Chuck Schumer the Fed was "prepared to act as needed"—a possible interest-rate-drop shibboleth—to respond to the credit crisis and lagging economy. The Dow rose 247.44 to 13289.29, and the S&P was up to close at 1463.76. (More technology stories.)