Bulls, Bears Wrestle for Control of Wall Street

Updated from 9:46 a.m. EST

Stocks on Wall Street were swinging wildly Tuesday morning, after traders received encouraging news from several big technology companies but troubles among the financials and automakers were dampening enthusiasm elsewhere.

After whipping higher only to fall quickly back to the baseline, the Dow Jones Industrial Average was lately gaining 122 points at 8395. The S&P 500 was adding 10 points to 861. The Nasdaq was climbing 8.9 points at 1491.

Early futures trading had suggested Tuesday's session could have been a lot worse, but two pieces of news were helping lift technology shares. Computer hardware and software maker Hewlett-Packard (HPQ Quote) was partly responsible, after the company said its fourth-quarter profit would exceed analysts' expectations. Shares of H-P, part of the Dow, were rising.

Another boost came from Yahoo! (YHOO Quote), which said CEO Jerry Yang is set to step down from his position as soon as the Internet firm can find a replacement. Yang's tenure was recently marked by a refusal to sell his company to Microsoft (MSFT Quote). Yahoo! shares were likewise rising.

Financial firms continued to look weak as the new session arrived. Asset manager BlackRock (BLK Quote) joined the set of companies to announce layoffs by announcing its first round of job cuts in its 20-year history, according to a report by Bloomberg.

Meanwhile, analysts at Deutsche Bank cut their price target on Citigroup (C Quote) to $9, which on Monday announced plans to lay off 20% of its work force.

As the financials slim down in an effort to stem damage from the credit crisis, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson were testifying before Congress to discuss their $700 billion Troubled Asset Relief Program, which was designed to bolster liquidity for banks with stressed balance sheets.

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