Better-than-expected earnings at Intel sent investors pouring back into the market Wednesday, sending stocks higher in morning trading.
Chipmaker Intel Corp.'s report after the market closed Tuesday lifted investor confidence because its sales figures suggest consumers are purchasing computers at a faster rate than anticipated, a potential sign the economy is recovering.
Consumer spending accounts for more than two-thirds of economic activity. Increased spending by consumers is widely seen as a key to an economic recovery.
Just as important as quarterly results, Intel's third-quarter sales prediction was bigger than analysts' forecast, a further indication that the chipmaker believes the personal computer market has bottomed and a recovery is under way.
In another sign the recession is easing, a new report showed industrial companies cut back production again in June, but not nearly as much as they have been in previous months.
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