Technology stocks extended their gains yesterday as a hint of optimism about corporate earnings returned to Wall Street and fresh economic data bolstered hopes for further interest rate cuts by the Federal Reserve.

The market turned higher after networking gear maker Juniper Networks lowered its profit outlook for the year but also met Wall Street expectations with a surge in earnings for the quarter.

The Nasdaq composite index jumped 62.50 points, or 3.29 per cent, to 1,961.45, putting that market gauge on target to post its fourth consecutive session of gains. The blue-chip Dow Jones industrial average climbed 113.47 points, or 1.13 per cent, to 10,126.94, while the broad Standard & Poor's 500 Index rose 17.62 points, or 1.51 per cent, to 1,183.51.