Stocks open higher open after strong technology sector earnings

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Stocks open higher on tech earns

Stocks are opening higher on Wall Street following better than expected technology earnings reports.

Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts’ expectations after the markets closed Thursday.

Oracle’s results suggested companies are becoming less reluctant to spend on technology projects.

Investors have been looking for signs that a nine-month advance in the stock market is justified by economic improvement. But as year-end approaches many investors are also eager to secure gains for 2009.

The Dow Jones industrial average is up 43, or 0.4 percent, at 10,351.26, the Standard & Poor’s 500 index is up 4.89, or 0.5 percent, at 1,100.97, and the Nasdaq composite index is up 17.65, or 0.8 percent, at 2,197.70.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

Stock futures are indicating a higher opening Friday on Wall Street following better than expected earnings reports from the technology sector.

European stock markets rose, inspired by a research group’s report that business confidence in Germany, Europe’s largest economy, rose in December to its highest level since July 2008. Asian markets had retreated earlier.

Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts’ expectations after the markets closed Thursday.

Oracle’s results suggested companies are becoming less reluctant to spend on technology projects.

Palm Inc., however, reported a wider second-quarter loss than analysts predicted as sales of its smart phones declined.

Ahead of the opening bell, Dow Jones industrial average futures are up 26, or 0.3 percent, at 10,359. Standard & Poor’s 500 index futures are up 2, or 0.2 percent, at 1,096.20, while Nasdaq 100 index futures are up 3.25, or 0.2 percent, at 1,788.75.

U.S. stocks tumbled on Thursday as the dollar’s rebound spurred a safe-haven trade, cutting demand for riskier assets. Weak job figures and the Federal Reserve indicating it would start pulling back some emergency supports as the economy improves also pulled markets down.

Investors have been looking for signs that a nine-month advance in the stock market is justified by improvements in the economy. At the same time, as year-end approaches many investors are also eager to secure gains for 2009.

Attention remains Friday on Copenhagen as world leaders including President Barack Obama gather in a bid to create a pact designed to tackle climate change.

In corporate news, CarMax Inc. said stronger sales, cost-cutting efforts and gains from its financing division helped the car dealership chain post a profit in its fiscal third quarter. Its shares rose 4 percent in premarket dealings.

General Motors Co., meanwhile, said it will wind down Saab after talks to sell the brand to Dutch carmaker Spyker Cars collapsed.

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.49 percent from 3.48 percent late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.03 percent.

The dollar mostly fell against other major currencies, while gold prices fell.

Overseas, Japan’s Nikkei stock average fell 0.2 percent. In afternoon trading, Britain’s FTSE 100 was up 0.4 percent, Germany’s DAX index was up 0.6 percent, and France’s CAC-40 was down 0.2 percent.