Mumbai, April 25 -- The Nasdaq spiked 457.99 points (2.7%) to 17,166.04, the S&P 500 surged 108.91 points (2%) at 5,484.77 and the Dow jumped 486.83 points (1.2%) to 40,093.40.

Semiconductor stocks turned in some of the market's best performances on the day, resulting in a 5.6% spike by Philadelphia Semiconductor Index. Texas Instruments (TXN) and Lam Research (LRCX) helped lead the sector higher after reporting better than expected quarterly earnings. Industry giant Intel (INTC) also posted a strong gain ahead of the release of its first quarter results.

Software and computer hardware stocks saw significant strength, with the Dow Jones U.S. Software Index and the NYSE Arca Computer Hardware Index surging by 4.6% and 4.2%, respectively....