By Rex Crum
Technology stocks put in a mixed performance in afternoon trading Friday, as the sector see-sawed in a hunt for direction after the U.S. unemployment rate topped 10% for the first time in 26 years.
The tech-heavy Nasdaq Composite Index (RIXF) added 4 points to 2,109, while the Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) also edged above their breakeven lines.
Gains came from shares of Hewlett-Packard Co. (HPQ), IBM Corp. (IBM), Microsoft Corp. (MSFT), Intel Corp. (INTC), Apple Inc. (AAPL) and Dell Inc. (DELL).
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.
Shares of Nvidia Corp. (NVDA) climbed 7% 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 less than 1% 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 $1.45 to $550.10. The latest smartphone to run on Google's Android operating system, Motorola Inc.'s (MOT) Droid, made its debut Friday with Verizon (VZ).