Stock climbed yesterday with the Nasdaq composite index ending at a high unseen since August, spurred by technology names like Applied Materials and related semiconductor stocks.

Traders attributed the afternoon jump to the Nasdaq's move above its 200-day moving average, an important technical level that was breached at the close for the first time in 15 months.

Chip-equipment makers like Applied Materials climbed after UBS Warburg said the battered industry had hit bottom and was poised to recover. Applied gained $3.16, or more than 8 per cent, to $42.43. Novellus Systems rose $4.24, or 11.3 per cent, to $41.70 after UBS Warburg said the company had the "best share appreciation potential" of the large firms.

Cisco Systems finished up 66 cents, or 3.3 per cent, at $20.52. Its chief executive said orders in November met expectations as the biggest maker of computer-networking equipment continued to grapple with anemic sales.