Stocks rose as investors continue to bet global central banks will step in to support the market. Hopes for more action by the Fed were fueled by comments from Boston Fed president Eric Rosengren, who told that the central bank needs to take "more substantive action than we've taken to date." Also, consumer credit increased by $6.5 billion in June while economists had expected consumer credit to have risen by $10 billion. Tech stocks extended gains after Goldman Sachs lifted its rating on the semiconductors to “attractive” from neutral, and predicted “40% upside” for the stocks it rates as a buy. Intel gained 0.72%, Applied Materials rose 5.23% and Freescale Semiconductor jumped 8.3% after upgrade. Also, NetApp rose more than 4.3% after UBS analyst initiated coverage on the storage-technology company with a buy rating and $45-a-share target price. UBS also kicked off coverage of Dell with a neutral rating and rated Hewlett-Packard as a sell. In the evening trade Walt Disney Co.’s quarterly revenue fell short of Wall Street’s expectations, prompting shares to fall 1.4%. Implied volatility inched higher on the light trading volumes.
