By Rex Crum
Technology stocks ended an erratic day with mixed results Friday as the sector spent most of the session hunting for stability after the U.S. unemployment rate topped 10% for the first time in 26 years.
The tech-heavy Nasdaq Composite Index (RIXF) ended up rising 7 points to close at 2,112, while the Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) closed just below their breakeven lines.
Gains came from Hewlett-Packard Co. (HPQ), IBM Corp. (IBM), Microsoft Corp. (MSFT), Intel Corp. (INTC), Apple Inc. (AAPL) and Qualcomm Inc. (QCOM).
The sector's performance showed how fickle the market can be, as nearly every major tech stock was in the red shortly after the opening bell. Then, many advanced before turning south again. Before trading began, the Labor Department released data showing the U.S. unemployment rate climbed to 10.2% in October, its highest level since 1983.
Nvidia Corp. (NVDA) climbed 89 cents a share, or more than 7%, to $13.16 after the graphics-chip maker reported a rise in its third-quarter earnings to $107.6 million, or 19 cents a share, on revenue of $903.2 million. .
EBay Inc. (EBAY) shares edged up 10 cents to close at $23.34 after the online retailer said it settled litigation with the founders of its Skype Internet-telephony business. The settlement is expected to facilitate eBay's sale of Skype to an investor group.
Google Inc. (GOOG) shares rose $2.45 to $551.10. The latest smartphone to run on Google's Android operating system, Motorola Inc.'s (MOT) Droid made its debut Friday with Verizon (VZ).
Sonic Solutions Inc. (SNIC) shares climbed $1.21, or almost 19%, to $7.59. Late Thursday, the digital-media software company reported better-than-expected third-quarter results. Earlier in the week, Sonic said it would provide the underlying technology for Best Buy's (BBY) new digital media streaming service.