By Rex Crum
Technology stocks turned their backs on early losses as the sector sought to reject initial negativity over the U.S. unemployment rate climbing above 10% for the first time in 26 years.
Many leading tech stocks climbed back into positive territory, with gains coming from Hewlett-Packard Co. (HPQ), IBM Corp. (IBM), Microsoft Corp. (MSFT) and Intel Corp. (INTC).
The tech-heavy Nasdaq Composite Index (RIXF) rose 7.3 points to 2,112, while the Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) also advanced.
The sector's performance showed how erratic the market can be as nearly every major tech stock was in the red shortly after the market opened. Before trading began, the Labor Department released figures showing the U.S. unemployment rate in October climbed to 10.2%, its highest level since 1983.
Among tech stocks, Nvidia Corp. (NVDA) shares climbed 74 cents, or 6%, to $13.01 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 rose 17 cents to $23.41 after the online retailer said it settled litigation with the founders of its Skype Internet phone-calling business. The settlement is expected to facilitate eBay's sale of Skype to an investor group.