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.
Symantec (SYMC) shares soared more than 9%, 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 Nasdaq Composite Index (RIXF) rose 1.3% to 2,086.
The Morgan Stanley High Tech 35 Index (MSH) was up 1.6%, while
the Philadelphia Semiconductor Index (SOX) added 2%.
Major tech players posted gains, including Intel Corp. (INTC),
eBay Inc. (EBAY) and Apple Inc. (AAPL).
However, Oracle Corp. (ORCL), Yahoo Inc. (YHOO) and Microsoft
Corp. (MSFT) were in the red.
The Dow Jones Industrial Average (DJI) was up more than 70
points.