Tech earnings propel S&P 500 towards year-end predictions

New York

STOCKS fell so far and so fast in August that at its depth, the Standard & Poor's 500 Index was 15 per cent away from the average year-end prediction of Wall Street strategists.

Now it's 5 per cent - and the gap is set to narrow further after four stocks that already account for one-tenth of the recovery in the last two months surged following earnings reports.