Stocks Rise Sharply in Late Buying Spree

[The Finman]

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<h2><font color=#003399>Stocks Rise Sharply in Late Buying Spree</font></h2>
NEW YORK --- Stocks jumped to highs not seen in more than a year Tuesday as investors digested manufacturing activity and staged a late rally based on a wave of technical buying triggered by new index highs.

The Nasdaq closed at its highest level since April 1, 2002, and the S&P 500 hit its highest close since June 18, 2002.

The Dow hit its highest close since June 19, 2002.

"Technically we've broken through some resistance levels and that sort of encourages more bullish sentiment in the market ...

A report from the Semiconductor Industry Association (search) said Tuesday that global sales of semiconductors rose 2.9 percent in July from June and 10.5 percent from a year ago, pointing toward a stronger recovery from the industry's worst-ever downturn.

Dell Computer Corp., included in that upgrade, rose 97 cents to $33.59.

Goldman Sachs also raised its rating on software makers, which lifted Microsoft Corp. by 74 cents to $27.26 and PeopleSoft Corp. by 62 cents to $18.67.

The Institute for Supply Management said its gauge of manufacturing activity was 54.7 for August, up from 51.8 in July and above economists' average forecast of 53.8, according to a Reuters poll.


Full Article <font color="red"><u>Here</u></font>