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Byline: JONAH KERI
A broad-based rally propelled the Nasdaq to a 52-week closing high Thursday. The composite rose 1.5%, the Nasdaq 100 1.9%. Volume swelled, marking a day of accumulation by investors.
Chip stocks soared, as the Philadelphia semiconductor index climbed 4.2%. Microsemi gained 0.99 to 28.74 in brisk turnover. The maker of chips used in medical devices, military equipment and notebook computers notched an all-time high. After rocketing 12% on Nov. 18, the stock bullishly digested its gains in lighter volume for two weeks before taking off again Thursday.
Marvell Technology Group, which makes chips used in digital music players and other devices, also gapped up Nov. 18, then pulled back calmly. It climbed 2.71 to 58.25 in above-average volume Thursday.
Standard Microsystems jumped 2.39 to 32.29 on twice its normal trade. The maker of chips used for high-speed communications is 20% extended from its Sept. 22 breakaway gap buy point of 26.95.
Elsewhere, a host of retailers fared well. Pantry vaulted 6.80, or 17%, to 47.90. More than 1.9 million shares changed hands, ...