NEW YORK: The Nasdaq rallied on Monday , with large technology shares gaining ahead of earnings reports and semiconductor stocks surging on expectations the sector is primed for good results.
Last week's earnings reports, dominated by banks, were better than expected, said CFRA Research's Sam Stovall. Analysts have lifted their estimates for the second quarter but cut their outlook for the third quarter.Chip stocks were especially strong after Goldman Sachs upgraded several companies in the sector and said oversupply in the industry would be sold off more quickly than previously thought.
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