Technology stocks soared Wednesday following upbeat earnings from Intel (NasdaqGS: INTC) while investors also positioned for quarterly results from Apple (NasdaqGS: AAPL) after the bell.
PowerShares QQQ (NasdaqGM: QQQ), an exchange traded fund (ETF) following the Nasdaq-100 Index, rallied more than 2% in afternoon trading as traders anxiously awaited results from iPhone maker Apple.
The Nasdaq Composite Index on Wednesday saw its largest one-day rise in six months.
Intel “knocked the cover off the ball” with first-quarter earnings and outlined second-quarter guidance that easily exceeded Wall Street’s target, said Joel Achramowicz, tech analyst at Blaylock Robert Van LLC.