The 32% rise in Google's (News - Alert) quarterly earnings set the tone for most of the tech sector today. NASDAQ jumped by 1.4% bucking the Dow's trend which was down by .3% on banking woes.
Google's stock made a big leap of $60 rising over 11% in what was reminiscent of the times when tech stocks seem to know no bounds. Apple (News - Alert) was also up by 4% going deeper into the $300 territory and still riding high on the Verizon announcement. Amazon also joined the party with a near 6% rise, setting an all-time high record.
Microsoft (News - Alert), Cisco, Intel, and EBay had some moderate gains but nothing close to the other three. So what was so special about the three companies?
Google, as mentioned, was riding high on the back of its blowout profit. Google is still the search champion and releases new and updated products at break-neck speed. Its Android (News - Alert) smartphone market also continues to expand rapidly.
Apple is also expected to release blowout earnings owing to the robust sales of iPhones and iPads. The latest Verizon announcement has fueled speculation that these will be adopted by an even larger market that was not interested in the AT&T (News - Alert)-only network.
Amazon continues to expand its services user-base, but more than likely the speculators are betting that Amazon will be enjoying a banner holiday season sales this year.
Finally for a change, the US dollar was stronger and gold lost some ground, although it's still flirting with its rapidly realized all-time high prompting some to speculate a gold bubble forming.Robert Hashemian is VP of Web Development for TMCnet.com with a keen interest in financial markets. To read more of Robert’s articles, please visit his columnist page. He also maintains his personal Web site at www.hashemian.com.