Intel results sparks US tech stock rally

Technology companies rallied on the US stock markets yesterday, triggered by strong financial results from computer chip makers Intel and Altera.

Technology companies rallied on the US stock markets yesterday, triggered by strong financial results from computer chip makers Intel and Altera.

Intel's shares jumped 7.3% and Altera's shares rose 4.2% after reporting better than expected revenues and profits, according to the Financial Times.

Both chip makers have predicted profit margins will increase this year, with Intel calling the bottom of the recession in April.

The strong results benefited the share price of Intel rival AMD, which gained 8.7%.

The strong sales by computer chip makers boosted confidence in the PC market, giving Hewlett-Packard's share price a 4.5% lift.

However, financial analysts have said the rally could be relatively short-term until the US unemployment rate begins to have an impact.

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