NEW YORK (CNNMoney.com) - Upbeat earnings from Hewlett-Packard and Applied Materials boosted the Nasdaq Thursday morning, while the broader market was more subdued amid higher oil prices and ongoing concerns about interest rate policy.

The Nasdaq composite (up 10.16 to 2,286.59, Charts) added 0.4 percent in the early going. The Dow Jones industrial average (up 14.73 to 11,073.70, Charts) and the broader Standard & Poor's 500 (up 2.14 to 1,282.14, Charts) index both saw smaller gains.

The Dow hit a fresh 4-1/2 year high Wednesday as investors welcomed comments from new Federal Reserve chairman Ben Bernanke.

That positive tone extended Thursday, bolstered by strong technology earnings issued late Wednesday.

Hewlett-Packard (up $1.41 to $33.08, Research) reported higher fiscal first-quarter earnings and revenue that rose from a year earlier. The tech bellwether also issued a current-quarter earnings forecast that is higher than analysts' current estimates. (Full story)

HP shares jumped 5 percent in the morning, supporting the Dow industrials.

Applied Materials (up $0.29 to $20.75, Research) reported higher quarterly earnings -- excluding charges -- that rose from a year earlier. The chip gear maker also issued a bullish current-quarter revenue forecast. Shares gained 1 percent.

Other chip stocks gained as well, boosting the Philadelphia Semiconductor (up 1.57 to 539.80, Charts) index, or the SOX, by 1 percent.

U.S. light crude oil prices for March delivery added 55 cents to $58.20 a barrel in electronic trading, rebounding after losing 3 percent Wednesday. However, the price was still supportive to stocks as it remained below $60 a barrel.

A morning report showed a strong rebound for the recently slowing housing market. Housing starts surged to the highest point in nearly 33 years in January, the government reported. Building permits also gained.

A separate report showed a larger-than-expected rise in weekly jobless claims. However, the number remained below 300,000, considered a positive by economists.

In his first public engagement as new Fed chief, Ben Bernanke told Congress Wednesday that the economy remains strong but so do inflationary pressures, and this could lead to more interest rate hikes. His comments were seen as basically reiterating the statement from the last Fed policy meeting.

Treasury prices were little changed, with the yield on the 10-year note holding at 4.60 percent.

In currency trading, the dollar was higher versus the euro and yen.

COMEX gold for April delivery fell 10 cents to $542.60 an ounce.

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