The tech stock-heavy
Nasdaq Composite Index
, which has been beaten up the most in the market's recent downdraft, was the biggest winner today among the major market averages, soaring 2.3%.
While the "big three" market gauges -- the
Dow Jones Industrial Average
and the Nasdaq Comp -- all made sharp advances, breadth was less than stellar. The Nasdaq Comp peaked intraday at the 2685.04 level. The Dow peaked intraday at the 11,031.28 level, while the S&P 500 traded as high as 1368.71. After selling off so sharply lately, market participants said the market was due for a rebound.
The 30-year Treasury bond also gained.
The Nasdaq Comp, however, is still nearly 6.5% off its record closing high of 2864.48 set on
will testify before the
Senate Banking Committee
. A Fed spokesman told
today that the Fed chief's prepared remarks will be the same as those he delivered last week before the
House Banking Committee
. The testimony is slated to begin at 10 a.m. EDT.
On Thursday a couple of big economic reports are slated to be released. The
Employment Cost Index
for the second quarter and the advance estimate of second-quarter
gross domestic product
are both scheduled to be released at 8:30 a.m. EDT.
New York Stock Exchange
, advancers beat decliners 1,618 to 1,368 on 719 million shares. On the
Nasdaq Stock Market
, winners beat losers 2,168 to 1,828 on 988.6 million shares.
On the NYSE, 121 issues set new 52-week lows while 39 touched new highs. On the Nasdaq, 70 issues set new 52-week lows while new highs totaled 62.
On the Big Board,
was most active, with 27 million shares changing hands. It was down 2 1/8 to 98, after trading as high as 102 3/4 intraday.
On the Nasdaq,
was most active, with 38.8 million shares changing hands. It was up 4 11/16, or 7.5%, to 67 5/8.
upgraded the chip giant to buy from neutral.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
2:52 p.m.: Nasdaq Hovers Near Session Highs
Nasdaq Composite Index
was trading just off its session highs heading into the final hour of trading.
1:56 p.m.: Stocks Climb Further as Tech Sector Rallies
Tech stocks continued to lead the market higher this afternoon, beginning to heal the wounds the sector has suffered lately.
1:22 p.m.: Midday Musings: Traders Cautiously Eyeing Bounce
12:02 p.m.: Stocks Hold Gains in Light Volume
Stocks were moving higher from their hour-ago levels, but still off their best levels of the early morning.
10:58 a.m.: Stocks Slip From Session Highs
Stocks are off their early highs, but they're still solidly in the black. Given the way things have been going recently, that means something.
9:54 a.m.: Stocks Open Higher After Recent Losses
Stocks opened higher, led by the battered tech sector, which has suffered huge losses of late.