Techs rise on Cisco

NEW YORK (CNNMoney.com) -- Cisco's strong earnings report lifted the tech sector Wednesday morning, but the rest of the market was more subdued as investors eyed oil prices inching closer to $60 a barrel.

The Dow Jones industrial average (up 0.56 to 12,666.87, Charts) and the broader S&P 500 (up 1.01 to 1,449.01, Charts) index were both little changed in the early going.

The Nasdaq (up 9.78 to 2,481.27, Charts) composite added 0.2 percent.

Cisco Systems (Charts) reported quarterly sales and earnings late Tuesday that rose from a year ago and topped forecasts. Shares gained 5 percent in the early going Wednesday and gave a boost to other technology shares.

However, the blue-chip averages continued to struggle for a third session, with investors a bit cautious after last week's steep rally.

Crude oil for March delivery rose 34 cents to $59.22 a barrel in electronic trading.

On the economic front, the first read on fourth-quarter productivity came in at a 3 percent rate, up from the previous month beating forecasts for a 2.0 percent reading. Unit labor costs, the report's inflation component, came in at a smaller-than-expected 1.7 percent rate. (Full story).

Treasury prices were little changed, with the yield on the benchmark 10-year note at 4.76 percent.

In currency trading, the dollar gained versus the yen and slid versus the euro.

Earnings slowdown: Blame energy

Bush unveils $2.9 trillion budget

More on the markets

More on investing