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Microsoft hopes help push Dow higher

Time: 03:29 EST/08:29 GMT | News Source: CNET | Posted By: Alex Harris

Stocks rose on Thursday, with the Dow Jones industrial average piercing the 9,000 mark for the first time since early July, helped by expectations that Microsoft will benefit from a rise in corporate technology spending. The market has shrugged off bad news in recent weeks, and propelled the Dow up 20 percent from multiyear lows that were hit in late July. The market's resilience and push through key technical levels have encouraged buying, traders said.

"The indexes are up between 15 and 20 percent in recent weeks, that's not uneventful," said Al Kugel, investment strategist at Stein Roe & Farnham. "It continues a sea change that took place two weeks ago." Fears about corporate malfeasance have diminished, and buyers "think of themselves as bargain-hunters, and every time the market is knocked down, they come in and lift it," Kugel added.

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