By Benjamin Pimentel
The technology sector battled back into the black on Thursday,
led by semiconductor shares, as the broader market also regained
its positive momentum after news of higher profit from J.P.
Morgan.
The Nasdaq Composite Index (RIXF) up 0.8% to 1,877, on track to
close the week in the black. The tech-heavy index was up more than
6% for the week.
The Morgan Stanley High Tech 35 Index (MSH) gained 0.5%, while
the Philadelphia Semiconductor Index (SOX) rose 1.6%.
The Dow Jones Industrial Average (DJI) gained more than 50
points on news that J.P. Morgan (JPM) posted a higher profit in the
second quarter.
Xilinx Inc. (XLNX) weighed down the tech sector, as its shares
fell more than 2% after the chip maker posted a steep drop in
quarterly profit.
Meanwhile, SanDisk Corp. (SNDK) led the sector's gainers, rising
more than 8%. Other advancers included Yahoo Inc. (YHOO),
Hewlett-Packard (HPQ), eBay Inc. (EBAY) and Apple Inc. (AAPL).
Intel Corp. (INTC) rose 1.7%. On Tuesday, the chip giant
reported upbeat second-quarter results that triggered a broad
rally.
Shares of Polycom Inc. (PLCM) also soared more than 8% after the
maker of audio and data conferencing products reported a 39% rise
in profit.
Other tech giants were in the red, including Palm Inc. (PALM)
and Sun Microsystems (JAVA).
Google Inc. (GOOG) was down a fraction. The Internet giant is
expected to post slower growth when it reports quarterly results
after the closing bell.
IBM Corp. (IBM) was up more than 2% as Big Blue gears up for its
own second-quarter results after the closing bell. The company is
expected to report mostly flat earnings on lower revenue.