Surging tech stocks and positive economic news that eased recession fears helped fuel the first market rally in three days today, with the S&P 500 capping its fifth straight week of gains to close at 1,561.80, up 7.39. The Dow added 77.96 to close at 14,093.08, and the Nasdaq climbed a whopping 33.48, or 1.21%, to wrap up at 2,805.68.
The tech bulls came out after BEA Systems rejected a $17-per-share takeover bid and shot up 38%. Meanwhile, core producer prices rose only 0.1% in September, soothing inflation worries. “The global central banks have the credit crisis under control, the overhead resistance from inflation is waning and recession fears are starting to recede quite a bit,” one analyst told CNNMoney.