sox ready to run? amat ready for a run...from cbs The Philadelphia Semiconductor Index ($SOX: news, chart, profile) added 1.7 percent and the Goldman Sachs Hardware Index ($GHA: news, chart, profile) rose 0.9 percent.
After the Federal Reserve's afternoon announcement, tech stocks rallied modestly higher. Gains held as the closing bell rang.
The strongest gainers at the end of the session included Broadcom (BRCM: news, chart, profile), up 3 percent to $38.77; LSI Logic (LSI: news, chart, profile), up 3.3 percent to $7.60; and Applied Materials (AMAT: news, chart, profile), up 2.9 percent to $18.65.
During an investment banking presentation in San Francisco, Applied Materials Chief Executive Mike Splinter declined to comment on his company's financial results, due out in two weeks.
He did, however, laud Monday's report from the Semiconductor Industry Association that showed first-quarter sequential growth of 4.4 percent for global chip shipments.
"That's a very good sign for the rest of 2004 for what is going to happen to unit demand, particularly in the second half of 2004," said Splinter.