Jump in Nasdaq Leads Major Indices to Higher Closes

However, while the Dow, S&P 500 and Nasdaq all made sharp advances, breadth was less than stellar.
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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

, the

S&P 500

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

July 16.

Meanwhile, tomorrow

Federal Reserve

Chairman

Alan Greenspan

will testify before the

Senate Banking Committee

. A Fed spokesman told

Reuters

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.

On the

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,

America Online

(AOL)

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,

Intel

(INTC) - Get Report

was most active, with 38.8 million shares changing hands. It was up 4 11/16, or 7.5%, to 67 5/8.

SG Cowen

upgraded the chip giant to buy from neutral.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup

Earlier...

2:52 p.m.: Nasdaq Hovers Near Session Highs

The

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.