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Without any apparent impetus, Wall Street mounted an impressive rally Thursday, recouping the week's earlier losses. The charge was led by the Nasdaq's 3% rise and a gain of 1.7% for the Dow Jones industrial average.
Government reports on unemployment claims, gross domestic product, and existing-home sales were in line with expectations, yet investors in an oversold market found reason to snatch up stocks, driving up prices in just about every major sector.
Technology issues were healthy across the board, led by significant gains for the biggest vendors. Cisco Systems rose 91 cents, or 4%, to 23.58; Intel rose $1.26, or 4.8%, to $27.79; Microsoft rose 78 cents, or 3.2%, to $25.19; Red Hat rose $2.37, or 11.8%, to $22.38; Siebel Systems rose 77 cents, or 7.3%, to $11.27; and Yahoo rose $2.44, or 5.5%, to $46.94. Meanwhile, the Nasdaq-100 tracking stock was up 92 cents, or 2.7%, to $35.34, on heavy volume of 141.5 million shares.
Our InformationWeek 100 index posted the biggest percentage gain among the indexes, rising 10.9 points, or 3.5%, to 320.72, outpacing the Nasdaq, which rose 57.69 points, or 3%, to 1,967.17. The Dow rose 170.59 points, or 1.7%, to 10,218.82; and the S&P 500 rose 17.95 points, or 1.6%, to 1,109.28.
See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.