TECH STOCKS: No Fed News Is Good NewsTECH STOCKS: No Fed News Is Good News

The Federal Reserve Board held its fed funds rate at 1%, much to the pleasure of the markets Tuesday. Tech stocks enjoyed the strongest showing, with our information 100 index rising 5.17 points, or 2.1%, to close at 251.38. The Nasdaq composite index rose 25.5 points, or 1.5%, to close at 1,687.01. The Dow Jones industrials rose 92.71 points, or 1%, to end the day at 9,310.06. The S&P 500 rose almost as much--0.99%, or 9.76 points, to close at 990.35 points.

The Nasdaq-100 tracking stock rose 46 cents, or 1.5%, to close at $30.86 on volume of 59 million shares.

"Investors [wanted] the Fed to say the economy is improving but not so much that rates will be increasing at any time in the future," Richard J. Nash, chief market strategist at Victory Capital Management, told The Associated Press. It appears they heard enough to make them relatively acquisitive.