NEW YORK (AP) — Strong earnings from technology companies including Intel Corp. sent stocks sharply higher Wednesday. The Nasdaq composite index had its biggest one-day jump in a month, and the Dow Jones industrial average traded near a new high for the year.
The Nasdaq rose 48, or 1.8 percent, to 2,793 in afternoon trading.
The Dow Jones Industrial Average rose 179 points, or 1.5 percent, to 12,446. If it holds onto the gains, the Dow would have its highest close this year, toppling the 12,426 mark reached April 6.
Intel rose 6 percent, the most of the 30 companies in the Dow average, after the chip-maker reported that its income rose 29 percent in the first quarter because of rising demand for personal computers. The results easily beat analysts' expectations and allayed concerns that surging sales of tablet computers would hurt Intel's results.
Amphenol Corp. rose 6 percent, the most of any company in the S&P 500 index, after reporting that its earnings per share rose 31 percent. The company makes fiber optic connectors and electrical equipment.
The Standard & Poor's 500 index rose 16, or 1.2 percent, to 1,328.
The stronger corporate earnings reports came after mainly disappointing results released last week. Google Inc. and Alcoa Inc. were among the big companies whose earnings didn't live up to expectations.
"The contrast from last week is driving stocks," said Clark Yingst, chief market analyst at investment bank Joseph Gunnar.
Several other prominent companies also reported much stronger earnings. Freeport-McMoRan Copper & Gold Inc. jumped 3 percent after the mining company's income came in well ahead of analysts' expectations.
Industrial conglomerate United Technologies Corp. rose 4 percent after its income rose 17 percent, also beating Wall Street expectations. The company also raised its forecast for 2011 profit.
Wynn Resorts Ltd. rose 7 percent after its revenue climbed 39 percent. The casino operator opened a new Macau resort and won more money from gamblers at table games in Las Vegas.
IBM Corp. also beat earnings expectations but the stock was flat after the company said it signed fewer overseas contracts.
Yahoo Inc. rose 5 percent after reporting that cost-cutting efforts pushed its earnings above Wall Street's expectations. Yahoo also reported a 10 percent jump in display advertising.
Not all companies beat expectations. Altria Group Inc. fell 0.6 percent after reporting that it sold fewer cigarettes.
AT&T Inc. fell 0.5 percent after saying it pulled in the lowest number of new subscribers for iPhones because of competition from Verizon.
Wells Fargo & Co. fell 5 percent. The bank reported a sharp decline in new mortgages.
Copyright 2011 The Associated Press.