Trader's optimism has been renewed for another day and broader market indices are bouncing off their lows for the session. The Dow Jones Industrial Average is currently up 77 points to 8568 after rebounding from Thursday's lows near 8480. This is shaping up to be a new higher low for the slow and steady climb in the markets. The NASDAQ Composite is up nearly 19 points to 1508 after the tech-heavy index dipped towards its simple 10-dma in Thursday's session. The rebound today, fueled by strength in the chip, hardware and networking sectors has pushed the index back bove the 1500 level. The S&P 500 index is following suit with its own rebound with the SPX currently rebounding almost eight points off the 920 support level.
Market internals are positive. The NYSE advance decline numbers show almost 17 advancers for every 9 decliners. The NASDAQ is repoting 15 winners for every 10 loses. 52-week highs over 52-week lows are 181 to 16 on the NYSE and 89 to 13 on the NASDAQ. Up volume is twice down volume on the NYSE while up volume is more than three times down volume on the NASDAQ.
The biggest sector winner on the day is the DDX disk drive index, currently up 2.4%, bouncing strongly off the 86 mark and approaching new highs. The SOX chip index is a close second, up 2.37%. MarketMonitor readers already know that the chip bounce has been fueled by news from NVDA and INTC. The high-end graphics chip maker NVIDIA announced earnings last night night. Their Q1 results were pretty poor but the company said next quarter should see revenues jumping 12 to 18%. The stock is up nearly 21% on the news. Plus, the newswires are reporting that Intel's President was quoted in a German paper that he expects strong demand in China, despite SARS, and that the industry should see a recovery in the second half of the year.