Technology stocks led a modest rally ahead of Wednesday's FOMC announcement and accompanying statement, Aaron Task says on Tuesday's "Real Story" podcast.
Overall trading was quiet, but there was a lot of "noise" in tech stocks such as
, which rallied ahead of its postclose earnings report and after-hours as its results bested expectations.
Motorola rallied after CEO Ed Zander canceled a scheduled appearance at a wireless conference, spurring speculation that there's either a deal in the works or a change in Motorola's executive suite. Speculation of a potential takeover was also helping spur Palm's rally.
MEMC Electronic Materials'
benefited from positive sell-side commentary.
The tech gainers helped the
rise 0.6% to 2408.2, while the
Dow Jones Industrial Average
gained 0.5% to 12,288 and the
rose 0.6% to 1411.
Task says the question is whether tech leadership is a contrarian indicator or a sign of more gains to come.
here for the full podcast, featuring more on today's action, tomorrow's Fed meeting and some insights from veteran NYSE floor trader Teddy Weisberg, as well as buy, sell and hold recommendations from David Peltier, author of
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