REFILE-US STOCKS-Wall St rises on Intel boost, factory data
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* Intel results, forecast help send equities higher
* New York business index strongest since April 2008
* Nasdaq, technology shares lead indexes up by about 2 pct
* For up-to-the-minute market news click [STXNEWS/US] (Updates to mid-morning)
NEW YORK, July 15 (Reuters) - U.S. stocks rose sharply on Wednesday as Intel Corp's (INTC.O) solid quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.
Regional U.S. economic data underpinned the positive sentiment, with the New York Fed's Empire State index for July showing business conditions in the state at their strongest since April 2008. For details see [ID:nN15329440].
Shares of Intel, a chip-maker and Dow component, rose 6.7 percent to $17.95 as its results and outlook blew past Wall Street forecasts, helped by strong consumer demand for PCs, setting the upbeat tone for the technology sector. [ID:nLF507840].
AMD Micro Devices (AMD.N), Intel's main rival, jumped about 9 percent while software giant Microsoft Corp(MSFT.O) rose 2.8 percent to $23.76.
The PHLX semiconductor index .SOXX, up 4.25 percent, was on track for its fifth-straight day of gains -- its longest winning streak since a six-day run-up in late May.
The market is reacting positively to Intel's ability to drive revenue, said Greg Palmer, head of equity trading at Pacific Crest Securities in Portland, Oregon.
"Commentary on demand seems to indicate that the end of the world is not, in fact here, and that is probably the main take-away," he added, referring to Intel's quarterly results on Tuesday.
"People are starting to feel like maybe we're coming toward the tail end and the second half (of the year) can be better."
The Dow Jones industrial average .DJI rose 159.01 points, or 1.90 percent, to 8,518.50. The Standard & Poor's 500 Index .SPX gained 16.85 points, or 1.86 percent, to 922.69. The Nasdaq Composite Index .IXIC jumped 44.42 points, or 2.47 percent, to 1,844.15.
The broad S&P 500 index soared as much as 40 percent from a 12-year low hit in early March, but the rally stalled in June as investors sought more convincing evidence the economy was recovering from a deep recession. The index is now up 36 percent from the March lows. Continued...
