thestreet.com,
The Dow recaptured the 10,000 level and stocks surged Friday as investors accelerated bargin-hunting right into the closing bell.
The market set aside a glum outlook from Dow component Intel(INTC), and instead drew a measure of comfort from a downward revision to second-quarter gross domestic product that wasn't as deep as expected, and suitably somber comments from Federal Reserve Chairman Ben Bernanke about the nation's economic outlook.
The Dow Jones Industrial Average leapt higher by 165 points, or 1.7%, to close at 10,151. The S&P 500 finished up 17 points, also a 1.7% gain, at 1,065 while the Nasdaq rose 35 points, or 1.7% to 2,154. On Thursday, the Dow closed below 10,000 for the first time since July 6, and it sank as low as 9,936 early in Friday's trading before rebounding.
Still each of the major market averages finished to the downside for the week. The tech-heavy Nasdaq led the way, dropping 1.2%. The Dow finished lower by 0.6%, and the S&P 500 lost 0.7% since last Friday's close.
Adding to the market's calculus was a good old-fashioned bidding war in the tech space. 3Par(PAR) had decided to accept Dell's(DELL) offer to acquire the data storage company for $1.8 billion, or $27 a share, a consideration that matched Hewlett-Packard's(HPQ) sweetened bid on Thursday. (more)
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