NEW YORK - US technology stocks climbed on Friday as an upbeat outlook from computer maker Dell Inc.helped to banish worry about weakness in that sector.
Still, a weaker-than-expected gauge of consumer sentiment limited blue-chip advances.
Dell, the world's largest maker of PCs, rose 6 per cent to $38.81 on
Nasdaq, a day after it said revenue growth should pick up in the coming quarter.
Optimism about Dell spilled beyond the PC makers to the semiconductor sector. The Philadelphia Stock Exchange semiconductor index climbed to a one-month high and shares of Intel Corp. rose 1.5 per cent to $25.22.
The Dow Jones industrial average was up 34 points, or 0.33 per cent, at 10,223.11 and the Standard & Poor's 500 Index was up 2.70 points, or 0.23 per cent, at 1,162.06. The Nasdaq Composite Index was up 22.83 points, or 1.16 per cent, at 1,986.68.
"It's very volatile," said Mike Driscoll, Bear Stearns listed trader. "There's still a lot of uncertainty out there, but eventually I think it's going to be OK. I think lower energy prices are ultimately going to be very positive for the market going forward, but the intraday volatility is going to be with us for a while." The University of Michigan's May preliminary index of consumer sentiment came in at 85.3, below economists' expectations for a median reading of 88.0.
JP Morgan raised its rating on DuPont Co. to "overweight" from "neutral," citing prospects for sharply improved earnings over the next two years. DuPont shares edged up nearly 1 per cent to $47.00.
Nvidia Corp. , a maker of graphic microchips used in computers and game systems, jumped 10 per cent to $25.16. On Thursday, it reported its quarterly net income tripled and topped estimates.
Jeweler Tiffany & Co Inc. shares rose 2 per cent to $30.40 after it reported higher quarterly profit as higher US sales helped offset Japanese weakness.
Stun gun maker Taser International Inc. rose nearly 6 per cent to $11.87. The company said that an independent study on the effects of its stun guns found no significant heart rhythm abnormalities in volunteers subjected to one of its weapons.
- additional reporting by Megan Davies, REUTERS
