Nasdaq running at 15-month high

The Nasdaq Composite is running up 33 points to a 15-month high of 1,766.

The technology friendly index is now up 32% since the end of 2002.

The Philadelphia Semiconductor Index rose 3% and Amex Networking Index was up more than 2%.

Technology stocks got off to a good start with Intel rising US$1.14 (5%) to US$24.49, ahead of its quarterly report on Thursday.

Merrill Lynch raised its rating on the company before trading began, saying it expects the world's number one chipmaker's gross margins to improve.

IBM rose 72 cents to US$85.65, Microsoft rose 29 cents to US$27.61, and Apple Computer was up 11 cents at US$19.96.

On the other end of the scale, PeopleSoft slipped 7 cents to US$17.77.

Advancers on the Nasdaq exchange are trouncing decliners by a 1,912 to 725 margin.

The volume of stocks gaining ground is 339 million shares, or nearly 13 times down volume of 26.7 million.