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6Jun 11blah blah 6/6/11 blah blah 6/6/11 blah blah 6/6/11 blah blah 6/6/11
20Apr 11NEW YORK (Reuters) – Strong profits and outlooks from tech and manufacturing companies propelled U.S. stocks higher on Wednesday, delivering the biggest lift to sentiment since quarterly earnings reports began a week ago.
Leading the broad rally were Intel Corp (INTC.O) and United Technologies Corp (UTX.N), Dow components that gave strong outlooks. Chipmaker Intel forecast second-quarter sales well above analyst expectations while United Tech raised its full-year profit view.
Shares of Intel rose 6.5 percent to $21.14, which was the biggest percentage gainer on the Dow, followed by United Tech, up 4.2 percent to $85.82.
The Semiconductor Holders ETF (SMH.P) rose 4 percent while the PHLX Semiconductor index (.SOX) jumped 3.6 percent, the largest percentage move in seven months.
"It isn't just the good reports, but also the encouraging comments about how things look for the remainder of the year," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
"This is a testament to the strength of earnings we can expect to come out from here, and a marked contrast to what we've seen so far of results that weren't so disproportionately good," added Luschini, who helps oversee $53 billion and owns Intel.
About 82 percent of companies traded on the New York Stock Exchange were in positive territory while 78 percent of the Nasdaq rose. All ten S&P sectors were in positive territory, led by the information technology group (.GSPT), up 2.4 percent.
20May 09testing now
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