(Source: San Jose Mercury News)
By Frank Michael Russell, San Jose Mercury News, Calif.
Oct. 30--Silicon Valley tech stocks, the Dow and the Nasdaq were higher
today after the government's better-than-expected report on economic growth
cheered investors on Wall Street.
Apple, Google, Cisco Systems, Hewlett-Packard, Intel, Oracle, Gilead
Sciences, eBay, Yahoo, Adobe Systems and most Silicon Valley tech stocks were
higher.
The U.S. economy grew at a better-than-expected 3.5 yearly pace in the
third quarter, according to the Commerce Department. It was the best showing
for the nation's gross domestic product in two years.
The blue chip Dow Jones industrial average, which includes Cisco, HP and
Intel, climbed 199.89, or 2.05 percent, to 9,962.58. The tech-heavy Nasdaq
composite index was up 37.94, or 1.84 percent, to 2,097.55. The Standard &
Poor's 500 index advanced 23.48, or 2.25 percent, to 1,066.11.
Symantec shares were up sharply after the Cupertino maker of security
software reported better-than-expected earnings after the stock markets closed
Wednesday. Symantec also said it would buy back $1 billion worth of its stock.
Its shares closed at $17.74, up $2.01, or 12.8 percent.
LSI shares were up, too, a day after the Milpitas chip maker reported
earnings. According to Bloomberg News, its forecast for the current quarter
came in better than analysts expected. LSI finished at $5.30, up 31 cents.
However, Cadence Design Systems dropped 68 cents, or 9.7 percent, to
$6.35, a day after the San Jose maker of electronic design automation software
reported a loss for its latest quarter.
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