Techs Lead Mega Stock Rally

By Greg Atwan,  Newser User
Posted Aug 29, 2007 4:14 PM CDT
Equity traders monitor share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge...   (Associated Press)
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(Newser) – 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.