REFILE-US STOCKS-Nasdaq rises after results; S&P 500 flat

(Fixes word “probably” to “probability” in paragraph 10)

* Euro choppy vs. dollar as G20 finance ministers meet

* SanDisk, Baidu shares jump a day after earnings

* Dow down 0.3 pct, S&P down 0.1 pct; Nasdaq up 0.4 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, changes byline)

By Caroline Valetkevitch

NEW YORK, Oct 22 (BestGrowthStock) – Technology shares edged higher
on Friday as results from Baidu Inc (BIDU.O: ) and SanDisk
(SNDK.O: ) bolstered the outlook for the sector, while the broad
market was little changed.

Keeping investors skittish was a Group of 20 nations
meeting that sought a common path to manage global trade,
currency and macroeconomic imbalances.

SanDisk, a maker of flash memory, gained 1 percent to
$37.50 and Baidu, the Chinese Web search engine, rose 4.5
percent to $107.07, a day after both companies posted results.

Also among tech gainers were shares of online retailer
Amazon.com Inc (AMZN.O: ), which advanced 2 percent to $168.19
after Wall Street analysts raised their price targets on the
company, even as Amazon gave a disappointing forecast on
Thursday.

“A lot of (tech) companies have really restructured into
really strong balance sheets and, I think, are in a prolonged
period of either acquiring or developing new assets,” said
Subodh Kumar, chief investment strategist for Subodh Kumar &
Associates in Toronto.

The Dow Jones industrial average (.DJI: ) was down 33.76
points, or 0.30 percent, at 11,112.81. The Standard & Poor’s
500 Index (.SPX: ) was down 0.11 point, or 0.01 percent, at
1,180.15. The Nasdaq Composite Index (.IXIC: ) was up 10.21
points, or 0.42 percent, at 2,469.88.

Technology led gains in the recent rally, and the Nasdaq is
up 17 percent since the end of August compared with the S&P
500, which is up 12.6 percent.

Early reports from technology companies have given a mostly
rosy picture of the sector’s future, including Google’s
(GOOG.O: ) much stronger-than-expected earnings a week ago. Baidu
late Thursday gave a robust outlook for its business. For
details, see [ID:nN21118741].

The S&P 500 sent a bullish signal as the index’s 50-day
moving average crossed above its 200-day moving average, known
as a golden cross. That upward momentum indicator last occurred
in June 2009, and the benchmark index rose more than 35 percent
in the following 10 months.

The bullish signal can’t be counted on always to signal an
up market, according to Chris Burba, short-term market
technician at Standard & Poor’s in New York. “If you get a
golden cross when the market has been consolidating for a
while, you have a much higher probability the market is going
to take off,” he said.

The U.S. dollar zigzagged against a basket of currencies
(.DXY: ) on wariness over what, if any, deal would be reached by
finance ministers and central bank chiefs at the G20 meeting in
South Korea. The euro also traded choppily against the
greenback. [ID:nTOE69L00U]

Two top U.S. Federal Reserve officials gave contrasting
views on the need for more stimulus for the economy, continuing
a public debate over further monetary easing, even though most
Fed policymakers appear to favor such a move. [ID:nN21128261]

Growing speculation in recent weeks that the Fed will
extend the quantitative easing measures at its next meeting in
November has pressured the dollar while boosting equities, but
uncertainty over the extent of the stimulus has caused market
volatility.

Equity markets have traded of late in tandem with the euro,
with S&P futures rising along with Europe’s single currency.
For a Q+A, see [ID:nN2199257].
(Reporting by Caroline Valetkevitch; Additional reporting by
Rodrigo Campos; Editing by Kenneth Barry)

REFILE-US STOCKS-Nasdaq rises after results; S&P 500 flat