Tech stocks ride high in anticipation of interest rate cut
Cisco, Amazon, Comcast, and other tech stocks surge on market rally. Dow posts gain of nearly 900 points.
A wide swath of technology stocks posted double-digit gains Tuesday, as the broader markets surged to exceptionally high levels as investors anticipated an interest rate cut by the Federal Reserve.
Cisco Systems, Amazon.com, Dell, and Comcast were just some of the tech players whose shares crested above 10 percent gains at the market's close, as the Dow Jones Industrial Average jumped a whopping 889.35 points to 9,065.12, up 10.9 percent.
The tech-heavy Nasdaq rose 143.57 points, or 9.5 percent, to close at 1,649.47, while the S&P 500 soared 91.6 points to 940.51, or 10.8 percent.
And the CNET Tech Index rose to even higher levels, posting an 11.3 percent gain, up 120.98 points to 1193.35.
Cisco jumped to $18.31 a share, closing the day up 13.9 percent, while Dell also posted strong gains of 12.1 percent to close at $13.15 per share. Qualcomm, another hardware company, increased by 14.9 percent to $38.91 a share.
But by far Comcast posted the largest gain among the most actively traded stocks on the Nasdaq, rising a whopping 25.8 percent to close at $16.96 a share.
Amazon pulled in a strong performance, climbing 13 percent to $56.04 a share, while Google rose 11.9 percent to $368.75 a share.