Stocks shot higher on (Wednesday) after investors had a night to digest a (stronger-than-expected) financial report from Intel.
Intel, the world’s largest (chip) (maker), said consumer demand for computers — especially from Asia — led to $8 (billion) in sales in the second quarter, and the company predicted an even stronger third quarter. Paul S. Otellini, Intel’s (chief) (executive), described the company’s second-quarter growth as the best since 1988.
The buoyant mood in the stock market spread beyond technology companies on Wednesday as investors latched (onto) hopes that consumer spending might be recovering.
The Dow Jones (industrial) average rose 256.72 points, or 3.1 percent, to close at 8,616.21. The Standard & Poor’s 500-stock (index) climbed 26.84 points, or 3 percent, to 932.68. And the technology-weighted Nasdaq composite index gained 63.17 points, or 3.5 percent, to 1,862.90.
Bond prices, meanwhile, fell sharply as investors moved into increasingly attractive stock (positions).
The Treasury’s (benchmark) 10-year note declined 1 2/32, to 96 2/32, and the yield rose to 3.60 percent from 3.47 percent late Tuesday.