NEW YORK (CNNMoney.com) -- Falling oil prices and Hewlett-Packard's upbeat earnings gave tech stocks a lift Thursday, but the broader market advance was mild after a sharp rally over the last two sessions.

The Nasdaq composite (up 8.07 to 2,157.61, Charts) added about 0.4 percent. The tech-heavy index had risen around 0.8 percent through the mid afternoon, before losing some steam.

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The Dow Jones industrial average (up 7.84 to 11,334.96, Charts) and the broader Standard & Poor's 500 (up 2.05 to 1,297.48, Charts) index both ended a few points higher. The two averages had been up around 0.5 percent earlier.

Treasury prices were little changed after a two-day rally; the dollar tumbled for a third straight session. Oil and gold prices declined.

After the close, Dell (Charts) reported quarterly earnings that fell from a year ago and met analysts' estimates. The company also reported quarterly revenue that rose from a year ago and modestly surpassed analysts' expectations.

Late last month, the PC-maker warned that quarterly sales and earnings would miss forecasts due to increased competition.

Dell also said it was the subject of an informal Securities and Exchange Commission probe into its revenue recognition that it first learned of a year ago. The company said it is cooperating with the SEC and that it doesn't think there will be any material impact on its financial results.

Dell shares lost 4 percent in extended-hours trading.

Stocks rose modestly Monday, but surged Tuesday and Wednesday after a pair of mild inflation reports added to bets that the Federal Reserve can keep interest rates steady.

While those bets remained in place Thursday, trading was choppy, with the major stock gauges rising through the mid afternoon, flattening out briefly, and then pushing higher again near the close.

Investors may have been reluctant to move stocks a lot higher after the rally that has already occurred this week. Heading into Thursday's market, the Nasdaq was up around 4.5 percent, while the Dow and S&P 500 were both up more than 2 percent.

Nonetheless, the advance this week suggests a broader change in investor sentiment, said Donald Selkin, director of research at Joseph Stevens. He said participants seem to have returned to the "Goldilocks" view of the economy, in which growth is seen as 'not too hot, not too cold,' but just right for stock gains.

"It's interesting that technology is starting to lead the advance, which is always a positive," Selkin said.

U.S. light crude for September delivery retreated $1.83 to settle at $70.06 a barrel on the New York Mercantile Exchange.

Oil prices have tumbled this week following a cease-fire in the war between Israel and Hezbollah militants in Lebanon.

The combination of the lower oil prices and the increased bets that the 2-year interest-rate hiking campaign is over have led a broad rally this week.

Last week, the central bank held a key short-term interest rate steady at 5.25 percent after boosting it 17 times in a row since June 2004 on bets that a slowing economy will temper inflationary pressures.

The pair of inflation reports this week - on wholesale and consumer prices - seemed to support that scenario, providing a comfort to investors.

In a further sign of the weakening economy, the July read on leading economic indicators, released Thursday morning, showed a decline of 0.1 percent. Economists surveyed by Briefing.com expected LEI to rise 0.1 percent, as it did in June.

However, countering that was the midday release of the Philadelphia Fed index, a regional read on manufacturing, which showed a surprisingly strong rise to 18.5 in August from 6 in July. Economists thought it would rise to 8.

Among stock movers Thursday, Hewlett-Packard (up $0.72 to $35.15, Charts) gained just over 2 percent after it reported quarterly earnings and revenue late Wednesday that rose from a year ago and topped forecasts.

Advanced Micro Devices (up $1.63 to $24.20, Charts) gained 7.2 percent after Citigroup upgraded it to "buy" from "hold."

eBay (up $1.85 to $27.67, Charts) and Amazon.com (up $1.14 to $29.09, Charts) led the list of Internet stocks rising on the session. The Goldman Sachs Internet (Charts) index added around 2 percent.

Merck (down $2.35 to $38.83, Charts) shares lost 5.7 percent after the drugmaker was found negligent in the federal case regarding Vioxx, its withdrawn pain killer.

Separately, a judge granted a new trial in a New Jersey Vioxx case, in which a jury initially ruled in favor of Merck.

General Motors (down $0.43 to $30.56, Charts) fell 1.4 percent on a JP Morgan downgrade. The company also suffered on news that two of its largest shareholders cut their holdings of the automaker in the second quarter.

Sears Holding (down $8.71 to $141.29, Charts), the No. 3 retailer, reported higher quarterly earnings that beat estimates. But investors took a 'sell the news' approach and sent the stock lower.

Market breadth was positive. On the New York Stock Exchange, winners edged losers by a narrow margin as 1.57 billion shares changed hands. On the Nasdaq, advancers topped decliners by almost three to two on volume of almost 1.95 billion shares.

Treasury prices were barely lower, after having rallied for two sessions. The yield on the 10-year note stood at around 4.86 percent, roughly where it stood late Wednesday.

In currency trading, the dollar declined versus other major currencies, falling for the third session in a row.

Gold prices fell $14.10 to settle at $624.90 an ounce.

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