Technology stocks closed higher on Wednesday (October 17th) thanks to positive predictions over eBay's quarterly earnings and a better-than-expected report from Yahoo!, MarketWatch reports.Described by the information service as "tech-heavy", the Nasdaq Composite Index rose 29 points, equivalent to one per cent, following gains for those stocks and a "rally across the sector".
Similarly, the Morgan Stanley High Tech 35 Index and the Philadelphia Semiconductor Index both increased by over one per cent during trading.
The latest financial report from Yahoo! indicated that its earnings over the third quarter, which stood at $1.8 billion, increased by 12 per cent compared with the same period last year.
Subsequently, shares in the search engine climbed more than eight per cent to $28.87.
Meanwhile, online auction site eBay saw comparable increases in its share prices, with its stock rising by over five per cent to reach $40.60 before the close of trading.
The company is expected to announce its third-quarter earnings and analysts predict they will beat Wall Street estimates.
Also performing well on the American bourse, Intel saw increases in its stock value of almost five per cent, with shares rising to $26.72. The boost came after the chipmaker declared earnings of $1.9 billion over the last financial quarter.
The company, whose financial results beat many analyst estimates, is set to cut 2,000 jobs over the coming three months.
