Tech stocks lifted the markets as investors set aside economic concerns to snap up bargains. The Dow surged 118 points to 13,077 while Nasdaq soared 34 points to 2627.
On the upside
Hewlett-Packard (NYSE: HPQ) posted profits that beat estimates yesterday as the computer and printer maker announced plans to buy back $8 billion in stock.
D.R. Horton (NYSE: DHI) posted a loss and wrote down inventory of homes and land options. However, the results were better than analysts' expectations.
Nordstrom (NYSE: JWN) bagged a higher than expected profit in the 3rd quarter that helped to offset lower guidance for the holiday shopping season.
On the downside
Target (NYSE: TGT) posted a smaller profit and missed estimates. Shares of the discount retailer fell despite authorizing a $10 billion stock buyback program.
Freddie Mac (NYSE: FRE) reported a $2 billion loss in the 3rd quarter which included $1.2 billion in reserves to cover bad home loans. Analysts warned that the mortgage guarantor may need to raise funds in order to shore up its balance sheet.
China-based Giant Interactive Group (NYSE: GA) posted higher online game revenues and profits, but costs also rose sharply.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 6 points to 756.