Stocks mixed on earnings

NEW YORK (CNNMoney.com) -- Tech stocks edged higher early Friday afternoon, while the broader market struggled as investors took in earnings from AIG and Disney.

Uncertainty about what the Democratic Party-controlled Congress will mean for the market also weighed on sentiment.

The tech-fueled Nasdaq composite (up 5.47 to 2,381.48, Charts) gained 0.2 percent with less than 2-1/2 hours left in the session.

The Dow Jones industrial average (down 12.24 to 12,091.06, Charts) fell slightly, while the broader S&P 500 (down 0.59 to 1,377.74, Charts) index was little changed.

The New York Stock Exchange observed a two-minute moment of silence at around 11:00 a.m. ET, in honor of Veterans Day.

Stocks got off to a choppy start in the morning as investors took in falling oil prices and upbeat earnings from AIG, against concerns about Disney's growth.

But by midday, the tone had improved, reflecting the ongoing strength in the market, said Greg Church, president at Church Capital.

A decline in Treasury bond yields helped too.

"The market resilience after the election is impressive," Church said. "I would have thought we'd see more of a negative reaction, but that hasn't been the case."

He said that although the market has struggled a bit recently, the trend should remain upward through the end of the year, thanks to strong earnings and lower oil prices, among other factors.

A three-session stock market rally came to a halt Thursday, following confirmation that the Democratic Party will control all of Congress for the first time since 1994.

A number of big technology stocks bounced back after Thursday's drubbing, including eBay (up $0.41 to $32.71, Charts), Oracle (up $0.18 to $18.72, Charts) and Intel (up $0.17 to $20.59, Charts).

Homebuilder stocks recovered too. The Dow Jones Home Construction (Charts) index added 3.6 percent.

Select retailers were higher as well, including Pacific Sunwear (up $1.33 to $18.60, Charts), which rallied 9 percent in active Nasdaq trade. The apparel retailer forecast an upbeat forecast for the current quarter late Thursday.

Bausch & Lomb (Charts) lost 2.5 percent after the eye-care company said it expects a contact lens solution recall earlier this year will lower third-quarter adjusted profit.

A pair of Dow components reported bullish results after the close Thursday.

AIG (up $1.78 to $69.82, Charts) reported higher quarterly earnings and revenue that topped forecasts, sending shares about 2.5 percent higher Friday.

Walt Disney (down $1.07 to $32.51, Charts) also reported quarterly earnings and revenue that topped forecasts, but shares fell 3 percent over concerns about the entertainment company's ability to maintain robust growth in 2007.

Boeing (up $0.97 to $86.08, Charts) gained 1 percent on news that the Dow component has received a U.S. Air Force helicopter contract worth $15 billion through 2019.

Trading volume was moderate and was expected to remain so throughout the session, due to the Veterans Day holiday.

Market breadth was positive. On the New York Stock Exchange, winners beat losers three to two on volume of 818 million shares. On the Nasdaq, advancers narrowly topped decliners on volume of 1.01 billion shares.

U.S. light crude oil for December delivery fell 90 cents to $60.26 a barrel on the New York Mercantile Exchange.

Treasury prices jumped, lowering the yield on the benchmark 10-year note to 4.58 percent, down from 4.62 percent late Thursday. Bond prices and yields move in opposite directions.

In currency trading, the dollar fell versus the yen and euro.

COMEX gold fell $7.60 to $629.20 an ounce.

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