Stock indices were higher in midday trading powered by China’s central bank cutting interest rates and a technology sector rally and positive quarterly results from Amazon.com Inc., Google parent company Alphabet Inc., and Microsoft Corp.
The S&P 500 was up 1% to 2,073.85. The Dow Jones Industrial Average was up 0.8% to 17,631.60. The Nasdaq was up 2.2% to 5,030.16.
The yield on a 10-year Treasury bond was up 3% to 2.09%.
The price of gold was down 0.3% to $1,163.
QLogic Corp. was up 20% to $13.40 and a $1.2 billion market cap. The storage networking products maker reported lower income and revenue in its most recent quarter but the company’s guidance for the current quarter surpassed analyst expectations.
Huntington Beach-based BJ’s was up 12% to $47 and a $1.2 billion market cap. The casual dining chain yesterday reported positive revenue and earnings for its most recent quarter.
Newport Beach-based Acacia Research Corp. was down 19% to $7.10 and a $361 million market cap. The patent licensing company reported revenue of $13 million and a net loss of $27.3 million in its most recent quarter, down from revenue of $37 million and a net loss of $12.4 million, in the same period last year. Both figures widely missed analyst forecasts.