Optimism's Return Lifts Tech Stocks
With the second-quarter earnings season almost here, optimism replaced pessimism and tech stocks resumed their rise.</br></br>The Nasdaq Composite Index, dominated by technology names, surged 2.52%, or 97.47 points, to 3960.57, recovering most of Wednesday's 128.83-point loss. The index is again nearing the 4000 level that it briefly surpassed in June.</br></br>More stocks rose than fell on the New York Stock Exchange. But Old Economy industrial stocks held the Dow Jones Industrial Average down. The average fell a scant 0.02%, or 2.13 points, to 10481.47, in one of the smallest daily moves the blue-chip index has taken in recent years.</br></br>Bonds fell and the dollar rose.</br></br>Stocks have been held back by end-of-quarter earnings warnings from companies that will miss expectations, said Tim Morris, chief investment officer at Bessemer Trust. With the warning season ending, positive reports are set to begin.