Tech buyers incite Dow, Nasdaq rally
Investors show relief that certification deadline nearing

By Allen Wan & Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 5:06 PM ET Aug. 14, 2002




NEW YORK (CBS.MW) -- A tentative start ended with a powerful rally on Wall Street Wednesday as tech, retail and financial stocks surged, dealing the Nasdaq a 5.1 percent advance and the Dow a 3.1-percent gain.

Analysts said the late-day surge may have been prompted by relief that the 5:30 p.m. deadline for companies to certify their financials with the SEC was nearing without any major glitches.

"There were only a few minor issues [and] I think there's a sense of relief. But it's impressive that investors are embracing stocks before the deadline [has passed]," said Jeffrey Kleintop, chief investment strategist at PNC Advisor.

Brisk buying of Wal-Mart, Home Depot, Citigroup and tech stalwarts such as Intel, H-P and Microsoft was behind the Dow's rapid about-face in afternoon trading.

"It's a pattern we've seen over the past few sessions: stocks are weak in the morning and come back strong in the afternoon. I think it's mutual funds not getting the redemptions they were expecting and then putting that money back to work in the market later in the day," Kleintop said.