US stocks managed slight gains by midday on Thursday as Broadcom's upbeat guidance and a turnaround in Apple shares helped lift technology stocks, while investors monitored news from Washington for signs of progress on the "fiscal cliff" negotiations.
Apple erased initial losses of as much as 3.7 percent at the open, which briefly brought the market capitalisation of the world's largest publicly traded company below $500 billion. By midday, Apple's stock was up 2.3 percent at $551.35 - a day after its worst drop in four years.
Tech stocks also got a lift from chipmaker Broadcom, up 2.2 percent at $33.06 a day after it forecast fourth-quarter revenue at the high end of its target range, citing slightly better-than-expected sales in its mobile business. The S&P technology index gained 1 percent and ranked as the best performer among the S&P 500's 10 major sectors. The PHLX semiconductor index rose 0.9 percent. The Dow Jones industrial average gained 8.64 points, or 0.07 percent, to 13,043.13. The Standard & Poor's 500 Index added 2.66 points, or 0.19 percent, to 1,411.94. The Nasdaq Composite Index climbed 19.82 points, or 0.67 percent, to 2,993.52.