Technology stocks closed sharply higher after joining the broader market on a wild ride on Tuesday, as investors tried to make sense what the Federal Reserve rate announcement means for a still-jittery economy.
The Federal Reserve said the federal funds rate will stay exceptionally low until mid-2013, which initially triggered a sell-off which later turned into a broad rally that set the Dow Jones Industrial Average DJIA +3.98% soaring to close with a 430 point gain.
The Nasdaq Composite Index COMP +5.30% added 125 points, or 5.3%, to close at 2,483, reclaiming lost ground after Monday’s sharp decline.
Dow components Microsoft Corp MSFT +0.67% , IBM Corp. IBM +0.42% and Intel CorpINTC +0.24% saw substantial gains.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,239.77 |
|---|---|
| Trade Time: | 4:07PM EDT |
| Change: |  429.92 (3.98%) |
| Prev Close: | 10,809.85 |
|---|---|
| Open: | 10,810.91 |
| Day's Range: | 10,604.07 -11,244.01 |
| 52wk Range: | 9,915.73 -12,928.50 |
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