By Benjamin Pimentel
The tech sector advanced Thursday, powered by gains in shares of
Symantec Corp. and broader investor optimism on reports of an
expanding U.S. economy.
The Nasdaq Composite Index (RIXF) rallied as the session drew to
a close, gaining 1.9% to 2,098. The tech-heavy benchmark is still
off 2.6% for the week.
Leading the tech rally was Symantec (SYMC), shares of which
soared more than 12%, a day after the security-software maker
posted higher earnings despite a revenue decline.
LSI Corp. (LSI) also saw its shares jump more than 7%, a day
after the chip maker posted a jump in quarterly profit.
The double play, combined with news of a 3.5% increase in U.S.
gross domestic product, helped lift the tech sector to early gains,
as the Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia
Semiconductor Index (SOX) each gained more than 2%.
Major tech players posted gains, including Intel Corp. (INTC),
eBay Inc. (EBAY) and Apple Inc. (AAPL).
However, Amazon.com (AMZN) was down a fraction.
The Dow Jones Industrial Average (DJI) was up more than 190
points.