Technology stocks roared back Wednesday, driving the Standard & Poor’s 500 and Dow Jones industrial average to record highs. The industry has lagged the broader market this year, but surged after network communication company Adtran reported earnings that were double what Wall Street analysts expected. That boosted optimism that businesses will increase spending on technology equipment. Chipmakers Micron and Intel jumped, as did other network equipment makers like Cisco and JDS Uniphase. Stocks were also up on an optimistic reading of the Federal Reserve Bank’s latest minutes. The Dow and S&P 500 both closed at all-time highs. Technology stocks rose 1.8 percent, the most of the 10 industry groups in the S&P. That’s a big change from tech’s weak performance this year. The group is up just 4.7 percent, trailing the S&P’s gain of 11.3 percent. The stock market is reversing course from last week, when investors’ confidence fell because of an unexpectedly poor report on the U.S. job market and other signs that the economy slowed in March. The Dow Jones industrial average jumped 128.78 points, or 0.9 percent, to 14,802.24. It was the third straight gain for the blue-chip index and its biggest one-day rise in a month…. Read full this story
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