US technology stocks climbed on Wednesday, helped by a strong earnings report from personal computer maker Dell Inc, but the Dow was little changed as a drop in oil prices hit energy shares and financier Kirk Kerkorian cut his stake in General Motors Corp.
The Nasdaq advanced to a fresh 5 1/2-year high at 2,467.20, while the S&P 500 hit a fresh six-year high at 1,407.89. Trading volume was light before Thursday's Thanksgiving holiday, when US financial markets will be closed. The Dow Jones industrial average was down 1.61 points, or 0.01 percent, at 12,320.06. The Standard & Poor's 500 Index was up 2.93 points, or 0.21 percent, at 1,405.74. The Nasdaq Composite Index was up 11.48 points, or 0.47 percent, at 2,466.32.
"The market's been pretty quiet outside of specific company news, which has generally been positive," said Alan Gayle, senior investment strategist at Trusco Capital Management in Richmond, Virginia. "We had Dell earnings come out and I think the market is recognising companies have been able to continue generating above-consensus earnings."
Shares of Dell shot up nearly 10 percent to $27.26, making the No 2 personal computer maker the top positive influence on the S&P 500 and the Nasdaq. Also helping the tech sector was an 18 percent surge in shares of Cray Inc to $11.70 after news that the company had won part of a large government contract for a supercomputer project.