Google Paces Tech Gains

Schlumberger and Halliburton also have strong quarters.
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Tech stocks firmed Friday as investors celebrated a mammoth quarter at

Google

(GOOG) - Get Report

.

Index futures recently showed the

S&P 500

trading a point above fair value, while the Nasdaq 100 was set for a 4-point gain. The 10-year Treasury bond was up 3/32 in price to yield 5.03%, while the dollar fell against the yen and euro.

Thursday was a strong session for blue chips, with the

Dow Jones Industrial Average

rising 0.6% to a six-year high of 11,343 thanks to a 10% rally in shares of

General Motors

(GM) - Get Report

. Rival

Ford

(F) - Get Report

reports results Friday.

Other indices did less well Thursday, with the S&P 500 adding 0.1% to 1311 and the

Nasdaq Composite

falling 0.4% to 2363.

Oil futures were lower, although the price was up from Thursday because of the advent of the June contract as the front-month benchmark. In electronic Nymex trading, June crude was trading for $72.96 a barrel, down 73 cents from last night's close.

Overseas markets were mostly higher, with London's FTSE 100 recently adding 0.6% to 6117 and Germany's Xetra DAX adding 0.5% to 6094. In Asia, Japan's Nikkei rose 0.5% overnight to 17,404, while Hong Kong's Hang Seng slipped 0.2% to 16,912.

Google shares rose nearly 10% late Thursday after the company posted a 60% rise in first-quarter earnings and reporting an operating EPS number of $2.29 a share. That beat Wall Street estimates by 15%. Sales minus advertiser commissions were $1.53 billion, beating the $1.44 billion Thomson First Call consensus.

The quarter highlighted Google's growing strength outside of its core search franchise, a development that reportedly is making some of its larger competitors nervous. According to the

Wall Street Journal

Friday,

eBay

(EBAY) - Get Report

has spoken to both

Microsoft

(MSFT) - Get Report

and

Yahoo!

(YHOO)

about possible alliances to combat the Google threat.

Thursday night saw another deluge of profit news, including a report from

SanDisk

(SNDK)

, which said first-quarter earnings fell to $35.1 million from $74.5 million a year ago, reflecting a writeoff. Adjusted earnings of 44 cents a share matched estimates.

To view David Peltier's video take on today's premarket action, click here

.

Away from technology,

Halliburton's

(HAL) - Get Report

first-quarter net rose 34% from last year thanks to strength in the company's energy-services division. The company's income from continuing operations of 90 cents a share was 2 cents ahead of estimates.

Friday morning, rival

Schlumberger

(SLB) - Get Report

reported a first-quarter profit of $722 million, or 59 cents a share, on sales of $4.24 billion. The results topped Street forecasts for earnings of 55 cents a share and sales of $4.15 billion.

Another energy giant could see action Friday,

Valero

(VLO) - Get Report

. Analysts at Prudential initiated the refining company with an overweight rating and set a $75 price target, citing widening margins for certain petroleum products, among other things. Valero closed at $67.57 Thursday.