Technology stocks rallied Wednesday, rising for a fifth consecutive session, while the broader market ended little changed. Stocks were up and down during the morning as investors welcomed falling oil prices and the report on U.S. gross domestic product (GDP), but showed some caution after a strong start to the week. The three main indexes posted gains Monday and Tuesday after declining oil and gasoline prices and notes from the last Federal Reserve policy meeting eased some concerns about the economy. Oil prices fell after the Energy Information Administration reported that U.S. supplies of crude oil and gasoline posted surprising gains. But after falling until the early afternoon, oil and gasoline prices rebounded late in the session. Light sweet crude for October delivery gained 32 cents to settle at $70.03 a barrel on the New York Mercantile Exchange. The government reported that U.S. GDP in the second quarter was revised up to a 2.9 percent annual rate, above the initial reading but short of economists forecasts. The Dow Jones industrial average rose 12.97, or 0.1 percent, to 11,382.91. Merck shares were little changed after a judge rejected the $50 million in damages the drug maker was ordered to pay in a trial regarding its withdrawn painkiller Vioxx. Gainers included Boeing, DuPont, and Walt Disney. The broader Standard & Poor s 500 index was virtually unchanged, falling 0.01 to 1,304.27. The technology-heavy Nasdaq composite index surged 13.43, or 0.6 percent, to 2,185.73. Internet auction site eBay and chip maker Applied Materials were among the big technology stocks lifting the index. Apple Computer and Google rose modestly, but Costco fell 5 percent in active trading after warning that current-quarter earnings will not met forecasts. The New York Stock Exchange composite index rose 4.74 to 8,388.38. The American Stock Exchange composite index rose 12.84 to 2,021.14. And the Russell 2000 index rose 5.73 to 720.58.
