Silicon Valley tech stocks surged Monday, joining a rally on Wall Street.
Apple stock climbed to an all-time high of $283.78 before finishing at $283.23, up $7.86, or 2.9 percent, from Friday's closing price. According to Bloomberg News, Kaufman Brothers raised its target price for Apple stock to $374 from $350, citing strong demand for the iPad tablet computer.Google stock, meanwhile, climbed $18.13, or 3.7 percent, to $508.28.
Among Silicon Valley's 10 largest tech stocks by market value, Apple, Google, Oracle, Intel, Hewlett-Packard, VMware, eBay and Gilead Sciences advanced, while Cisco Systems and Yahoo lost ground.
The technology-heavy Nasdaq composite index climbed 40.22, or 1.7 percent, to 2,355.83. The blue chip Dow Jones industrial average, which includes Cisco, Intel and HP, was up 145.77, or 1.4 percent, to 10,753.62.
According to The Associated Press, investors were hopeful that Federal Reserve policymakers, who meet Tuesday, will announce new steps to boost the economy.
Investors also may have been cheered by another in a wave of tech acquisitions. IBM announced it intended to buy data storage company Netezza for $1.7 billion.
"Companies with healthy balance sheets are announcing takeovers, dividends and buybacks," Wasif Latif of USAA Investment Management told Bloomberg. "That's a good indication of corporate confidence."
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