Wall Street makes gains as technology stocks soar

US stocks rose yesterday, led by a late-day surge in technology shares as investors geared up for what is expected to be a strong unemployment report today

Stocks moved up and down throughout the session, shifting between optimism and pessimism on a variety of factors, including technical resistance at the S&P 200-day moving average, the euro’s weakness, and supportive labour market data.

The Dow Jones industrial average edged up 5.74 points, or 0.06 per cent, to end at 10,255.28. The Standard & Poor’s 500 Index added 4.45 points, or 0.41 per cent, to 1,102.83. The Nasdaq Composite Index rose 21.96 points, or 0.96 per cent, to 2,303.03.

Technology shares, among the biggest beneficiaries of an economic recovery, led the rally, with the Philadelphia semiconductor index up 1.2 per cent.

Microsoft rose 1.5 per cent to $26.86 after chief executive Steve Ballmer said the company will continue to prosper even as the transition from PCs to other devices poses a “potential tumult.”