Stock Market Soars Today Thanks to Tech Companies

Wall street

I bet stock brokers never thought they would see the day where the market would close sharply higher due to tech companies. Well today tech stocks recorded broad gains across the sector.

Major companies like Facebook (FB) and IBM assisted with the market gains. FB shares rose 3.7%, to $27.57 a day after it was reported that FB wiil replace companies like Apple and Google and take over the market for mobile display advertising in the United States.

IBM shares rose 1.3%, to close at $212 after being deemed “well positioned” for trends in cloud-computing.

Other top tech companies with gains today include: Oracle, Apple, and Lexmark.

But it wasn’t just the big tech companies doing all the work. Networking equipment and semiconductor makers soared after Adtran, a network communication company, reported a surge in profits. This suggests that businesses are starting to spend more on tech upgrades.

Ciena Corporation shares rose 5.7%, to $16.40, and led gains in networking-equipment stocks. This is believed to be a reaction to XO Communications Tuesday’s announcement to use digital transport systems from Ciena in its U.S. network.

Other networking-equipment companies on the rise included: Finisar, JDS Uniphase, and Juniper Networks.

Overall, the Dow and S&P closed with record highs. The Dow Jones industrial average rose 128 points, or 0.9%, to 14,802; the Dow’s third gain in a row. The Standard & Poor’s 500 rose 19 points to 1,587, or 1.2%.

It also was the Nasdaq’s best day since January 2nd. The Nasdaq composite posted even bigger gains thanks to the surge in tech stocks. The Nasdaq index was up 59 points, or 1.8%, to 3,297.

What do you think about technology’s affect on today’s stocks?

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