Tech stocks lead a rally; S&P 500 turns positive for year

Technology shares are surging in midday trading after several big-name companies reported big earnings gains.

Microsoft, Amazon and Google's parent company Alphabet are all sharply higher Friday. All three released surprisingly strong results the day before.

The Nasdaq composite, which is heavily weighted with technology stocks, rose 90 points, or 1.8 percent, to 5,010 as of 11:45 a.m. Eastern time.

The Dow Jones industrial average rose 88 points, or 0.5 percent, to 17,577. The Standard & Poor's 500 index climbed 14 points, or 0.7 percent, to 2,066.

The gains were enough to put the S&P 500 back into the black for the year following a market swoon in August and September.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.09 percent.

By Alex Veiga, AP Business Writer. Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Gayly – October 23, 2015 @ 11 a.m.