Upbeat Earnings Lift Tech Stocks - TheStreet

Upbeat Earnings Lift Tech Stocks

Blue chips are marginally higher. Oil prices are rising.
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Updated from 7:59 a.m. EDT

Positive earnings news from the tech sector was lifting the

Nasdaq Composite

early Friday, while blue chips in New York were edging into the green.

The

Dow Jones Industrial Average

was up 35 points to 12,681, and the

S&P 500

was rising 5 points to 1403. The Nasdaq was higher by 17 points to 2526.

On the corporate side,

Dell

(DELL) - Get Report

beat expectations on both the top and bottom lines in the most recent quarter, earning $784 million, or 38 cents a share, on sales of $16.07 billion. Shares of the computer maker jumped 6.8%.

Elsewhere in tech,

Marvell Technology

(MRVL) - Get Report

shares surged nearly 20% after the chipmaker swung to a fiscal first-quarter profit and brought in enough revenue to exceed its own guidance as well as the average analyst estimate.

Also swinging to a profit was software concern

Novell

(NOVL)

, which furthermore outran revenue estimates and reaffirmed its full-year sales guidance of $940 million to $970 million. The stock was adding 4.2%.

Elsewhere, jewelry seller

Tiffany

(TIF) - Get Report

padded its full-year earnings outlook and surpassed targets for the most recent quarter with a better profit than last year. Shares were up 2.6%.

The mood remained buoyant even though oil erased early losses to climb $1.41 at $128.03 a barrel and gas prices at the pump reached another all-time high, averaging at $3.962 a gallon nationwide.

Before the opening bell rang, the Commerce Department reported that personal spending and personal income growth each rose 0.2% in April from the prior month, essentially what economists had expected. The March income figure was revised upward by one-tenth of a percentage point. Core personal consumption expenditures also matched expectations last month, ticking up 0.1% compared with 0.2% in March.

Meanwhile, the Chicago purchasing managers' index put Midwest factory activity at 49.1, indicating a slight contraction from the break-even level of 50, but improving a bit from 48.3 in April. Economists were looking for 48.5.

Also, the University of Michigan nudged its May consumer-confidence numbers marginally higher to 59.8. Still, that was nearly a three-point decline from April.

As for commodities, oil erased early losses to climb $1.41 at $128.03 a barrel, and gas prices at the pump reached another all-time high, averaging at $3.962 a gallon nationwide. Gold futures were up $7.80 to $889.50 a barrel.

The U.S. dollar was little changed recently, weakening 0.1% against the euro to $1.5514 and ticking up 0.1% against the yen at 105.63.

Treasury prices were on the rise. The 10-year bond was up 10/32 in price to yield 4.04%, and the 30-year note climbed 13/32 in price, yielding 4.72%.

As for overseas markets, the Nikkei 225 in Tokyo soared 1.5% overnight, and Hong Kong's Hang Seng Index gained 0.6%. In Europe, London's FTSE 100 and the Paris Cac each tacked on 0.7%, and Germany's Xetra Dax climbed 0.9%.