Tech, Retail Sales Spark Rally

S&P has risen five straight weeks
By Kevin Spak,  Newser Staff
Posted Oct 12, 2007 3:50 PM CDT
Tech, Retail Sales Spark Rally
Traders work on the floor of the New York Stock Exchange, Wednesday, Sept. 19, 2007. Stocks bounded higher and bonds fell Wednesday as Wall Street extended its rally a day after a half-point rate cut from the Federal Reserve. A mild reading on consumer prices added to the market's momentum. The Dow...   (Associated Press)

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. (More stock market stories.)

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