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
Techs Stand Tall in 'Relief Rally'
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)

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." (More Walmart stories.)

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