Nasdaq, Dow, Intel, VMware

when the three major indexes had drops of more than 1 percent afterwards S&P issued a warning about the U.S. debt crisis. Tuesday's strong revenues reports, in the meantime, followed weaker-than-expected results last week from companies including Mountain View Internet giant Google.

Apple, Oracle, Google, Intel, Cisco, HP, eBay, VMware, Gilead Sciences, Yahoo and most Silicon Valley tech stocks closed higher.

VMware shares skyrocketed $11.93, or 13.9 percent, to $97.90. According to Bloomberg News, the Palo Alto maker of virtualization research and cloud computing infrastructure has benefited from its push into storage and desktop software.

Other Silicon Valley chip stocks climbed, too, with gains of 4 percent or more for Advanced Micro Devices, Altera, Applied Materials, Atmel, Cypress Semiconductor, Integrated Device Research, KLA-Tencor, Lam Technology, NetLogic Microsystems, Novellus Systems and Rambus.

Yahoo on Tuesday reported declines in both quarterly profit and revenue, however the Sunnyvale company's online display advertising sales were a bright spot.

"We believe the stock is all about execution in Yahoo's North American display business, which should grow much faster than its current rate given its scale," Gleacher & Co. analyst Yun Kim said Wednesday in an email.