Techs surge on Cisco

NEW YORK (CNNMoney.com) -- Cisco's strong earnings and forecast lifted the tech sector Thursday morning, but the broader market was mixed as investors considered higher oil prices and a run up in Treasury bond yields.

The tech-fueled Nasdaq composite (up 13.97 to 2,398.91, Charts) added more than 0.6 percent in the early going, thanks in part to Cisco. On Wednesday, the Nasdaq closed at its highest level since February 2001.

The Dow Jones industrial average (down 10.56 to 12,165.98, Charts) was little changed, after ending the previous session at a fresh all-time high. The broader S&P 500 (up 2.06 to 1,387.78, Charts) index added a few points.

Stocks rose modestly Wednesday at the end of a tough session as investors tried to come to terms with the reality of the Democratic Party controlling all of Congress, something the market had not been expecting.

The implications of the new political landscape remained in focus Thursday, but shared the stage with corporate and economic news.

Cisco System (up $1.98 to $27.08, Charts) rallied Thursday morning and gave a boost to the broader tech sector.

After the close Wednesday, Cisco reported higher fiscal first-quarter earnings and sales that topped estimates. The company also issued a bullish fiscal second-quarter revenue outlook.

In economic news, the U.S. trade deficit narrowed more than what analysts were expecting in September, due to lower oil prices and record exports.

Weekly jobless claims fell a greater-than-expected 20,000 to 308,000, reflecting strength in the labor market.

U.S. light crude oil for December delivery rose 95 cents to $60.78 a barrel on the New York Mercantile Exchange.

Treasury prices were little changed from late Wednesday, with the yield on the 10-year note holding at 4.63 percent. Bond prices and yields move in opposite directions.

COMEX gold rose $7 to $625.30 an ounce.

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