Stocks rebound on technology earnings

NEW YORK (AP) — Stocks rose early Friday as better-than-expected earnings reports from technology companies raised hopes that companies could begin boosting revenue.

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 more willing to spend on technology projects.

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

The tech reports come as investors look 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.

In midmorning trading, the Dow Jones industrial average rose 36.43, or 0.4 percent, to 10,344.69.

The broader Standard & Poor's 500 index rose 5.71, or 0.5 percent, to 1,101.79, and the Nasdaq composite index rose 23.27, or 1.1 percent, to 2,203.32.