Stocks rose in a late rally fed by growing optimism about quarterly results from IBM and Intel due after the close. For most of the session, stocks weaved above and below unchanged, as investor awaited clues about the health of Corporate America from the two tech giants.
The Nasdaq closed at its highest since September 7th, the Friday before the September 11th attacks. "It's probably speculation that the Intel and IBM numbers will be OK. Expectations are so low that any good news is going to spark a rally tomorrow," said Uri Landesman, chief investment officer, AFA Management Partners.
United Technologies whose products range from military aircraft to elevators, posted a 14 per cent rise in profits and its stock rose 98 cents to $54. Johnson & Johnson, another Dow stock, climbed $1.05 to $56.77 on a rise of 16 per cent in profits. IBM slipped 15 cents to $101.85. Intel rose to $24.96, up 58 cents, helping both the Dow and the Nasdaq.
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