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The Dow Jones Industrial Average gained 38.4 points (+0.29%), the Standard & Poor's 500 index increased 7.1 points (+0.49%), and the Nasdaq jumped 39.85 points (+1.53%) Thursday. Volume on the NYSE was 1.37 billion shares, and advancers beat decliners by a ratio of about 9:7.

Oracle's (ORCL, +6.5%) strong quarterly report (full story) provided strength for tech, and gave a boost to the market as a whole. Bear Stearns (BSC, +0.9%) became the latest bank to post a quarterly loss; it was the first in the bank's history (full story). FedEx (FDX, -1.1%) beat estimates, but provided a disappointing forecast for next quarter (full story). Bond insurer MBIA (MBI, -26.2%) dropped after saying it still had $30.6 billion in CDO exposure (full story).

In economic news, the final revision for GDP came in unchanged at 4.9% (full story). Core PCE rose 2.0%, hitting the limit of the Fed's unofficial comfort zone for inflation. The Philadelphia Fed announced its manufacturing index dropped to -5.7, well below estimates. The U.S. 10-year Treasury note eased 3/32 in price, pushing yields up to 4.04%.

Tech (+1.45%) jumped Thursday, while financials (-0.04%) were flat. Crude slipped $0.18 to $91.06. Rite Aid (RAD, -31.7%) lost nearly a third of its value, as the company missed earnings badly and issued a weak outlook (full story). Google (GOOG, +1.8%) was cleared by U.S. antitrust regulators to go ahead with its $3.1 billion purchase of DoubleClick (full story).Research In Motion (RIMM, +4.8% day; +11.2% AH) jumped after reporting profits doubled from last year (full story).

Personal Income and Outlays (8:30 AM) and Consumer Sentiment (10:00 AM) will be released Friday.

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Source: Tech Leads Thursday Afternoon Rally