"Some of these stocks lost 50 and 60 percent this summer -- a much bigger bear than anything the Dow or the S&P went through," he says. "Now the index is finally coming back, and Intel is leading the way." After sinking below 70 in June, Intel was up 5 points Wednesday and back at record highs of 104. With NASDAQ suddenly within 150 points of its all-time highs, "it's very encouraging," says Kadlec. "The sector's recovery could be for real." At least until the recession hits.
NEW YORK: Pssst -- tech stocks are back. Perennial bellwether Intel made it official Tuesday night when it gleefully announced that PC demand is on the rise just in time for Christmas, taking Intel's future earnings -- and the NASDAQ -- right along with it. After bucking the Dow's sell-offs Monday and Tuesday, the tech-heavy index was taking the hill on Veteran's Day, gaining 20 points almost immediately and dwarfing the Dow's single-digit languor. And although the rally had cooled by afternoon, TIME Wall Street columnist Daniel Kadlec says the the techs' days of punishment may be over.