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) rose 1.8% to close at 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 12.8%, a day after the security-software maker posted higher earnings despite a revenue decline.
LSI Corp. (LSI) also saw its shares jump 6.2%, 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) added 2.3%, while the Philadelphia Semiconductor Index (SOX) gained 2.15%.
Major tech players posted gains, including Intel Corp. (INTC), eBay Inc. (EBAY) and Apple Inc. (AAPL).
The Dow Jones Industrial Average (DJI) rose 200 points.