US stocks rose yesterday on expectations for economic improvement in the new year and some positive Wall Street comments about semiconductor stocks. The Dow Jones was up 0.43 per cent.
The stock market has risen this week on hopes the economy, mired in recession since March, will pick up momentum in 2002 after the Federal Reserve's string of 11 interest-rate cuts this year.
While stocks are set to wrap up a second straight dismal year, the market has surged since hitting three-year lows on September 21st in the wake of the air attacks on the United States.
Microchip maker Atmel Corp climbed 13.14 per cent, or 87 cents, to $7.49 after A.G. Edwards raised its rating on the stock to "strong buy" from "buy", saying shares are trading at a "steep discount" to its competitors.
Merrill Lynch narrowed its quarterly loss estimate for Advanced Micro Devices, the number two maker of computer microprocessors, due to better-than-expected demand for its Athlon chip. AMD gained 50 cents to $16.12.
