Investor Midday: Chip upgrades ignite rally

Summary:A round of upgrades for the chip sector and soaring Cisco shares helped boost the Nasdaq more than 3 percent at midday. The index rose 59.

A round of upgrades for the chip sector and soaring Cisco shares helped boost the Nasdaq more than 3 percent at midday. The index rose 59.67 points to 1,911.70.

The Dow Jones industrial average fell 54.79 to 10,047.95, and the Inter@ctive Week @Net Index rose 9 to 176.25.

Technology stocks posted huge gains on the back of an upgrade for semiconductor companies from Salomon Smith Barney analyst John Joseph. Full story. --Tiffany Kary, ZD Inter@ctive Investor

Topics: Cisco, Hardware

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