NEW YORK (CNNMoney.com) - A tech rally Wednesday boosted the Nasdaq composite to its highest close in move than five years, but had little impact on the broader market, amid a jump in Treasury yields, rising gold prices and oil at record highs.

After the close, Apple Computer and Intel led the list of companies reporting quarterly results that seemed to please investors.

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The Nasdaq composite (up 14.74 to 2,370.88, Charts) added 0.5 percent, closing at its highest level since February 2001. The Dow Jones industrial average (up 10.00 to 11,278.77, Charts) and the Standard & Poor's 500 (up 2.28 to 1,309.93, Charts) index both recorded smaller gains.

The Russell 2000 (up 8.61 to 778.42, Charts), the small-cap stock benchmark, closed at an all-time high for the second day in a row.

Wednesday's gains built on Tuesday's big rally, and were supported by upbeat quarterly earnings from Yahoo! and other companies.

Treasury prices fell, boosting the corresponding yields. Oil prices surged to a record high. Gold prices also jumped to nearly $640 an ounce, a more than 25-year high.

After the close, a number of big tech companies reported results, among others. (Full story).

Apple Computer (Research) reported quarterly earnings and revenue that rose from the prior year thanks to strong iPod sales. The company's earnings beat estimates and the revenue missed estimates.

Apple shares jumped 5 percent after the close in active trade.

Chip leader Intel reported quarterly earnings and revenue that fell from a year earlier, but met analysts' estimates, as the company lost market share to rival Advanced Micro Devices (Research). Intel (Research) shares gained nearly 2 percent in extended-hours trading.

eBay reported higher quarterly earnings after charges that met estimates. However, the online auctioneer issued second-quarter and full-year 2006 forecasts for earnings and revenue that were short of analysts' expectations. eBay (up $1.47 to $40.35, Research) shares fell 5 percent in extended-hours trading.

As of 5:30 p.m. ET, Nasdaq and S&P futures pointed to modest gains at the open Thursday, when fair value was taken into account.

The earnings parade continues Thursday morning, when Dow components Altria (Research), General Motors (Research) and Merck (Research) all report results before the start of trade.

Thursday also brings the March reading on leading economic indicators, shortly after the market open, and the April Philadelphia Fed index at midday.

Positive earnings and continued momentum from Tuesday's rally helped stocks Wednesday, said Joseph Saluzzi, co-head of equity trading at Themis Trading. Stocks also benefited from optimism ahead of the earnings that were released after the close Wednesday.

Tuesday's big rally "was good, but basically pushed stocks to the high end of the trading range we've been in since March," said Todd Salamone, director of trading at Schaeffer's Investment Research.

Wednesday's advance was continuing that, he said, aided by the earnings. In addition, he said investors may have been taking a 'bad news is good news' approach to higher oil and gold prices, focusing on what the gains in those areas say about economic growth, rather than inflation.

Stocks surged Tuesday, with the Dow seeing its biggest one-day point gain in a year, after the minutes from the last Federal Reserve meeting suggested that the central bank's rate-hiking campaign could be close to an end.

A bigger-than-expected jump in a key reading in the March consumer price index and a jump in Treasury yields seemed to temper such bets Wednesday. However, afternoon comments from Janet Yellen, the president of the San Francisco Federal Reserve, again stressed that the central bank is nearing the end of its rate-hiking campaign.

A slew of market-moving corporations reported upbeat earnings after the close Tuesday and before the bell Wednesday, furthering bets that first-quarter earnings will be robust.

Dow component United Technologies (up $3.90 to $62.80, Research) reported higher quarterly earnings Wednesday that topped estimates. The manufacturer also boosted its 2006 earnings forecast, sending its stock up 6.6 percent.

Yahoo! (up $2.24 to $33.54, Research) reported quarterly earnings late Tuesday that fell from a year earlier but met forecasts, which seemed to soothe investors worries about its results. The stock jumped over 7 percent.

Late Tuesday, Texas Instruments (up $0.45 to $34.45, Research) reported higher quarterly earnings and revenue that topped estimates. The chipmaker also forecast bullish second-quarter results due to strong demand, sending shares higher.

TI was one of many chip stocks lifting the Philadelphia Semiconductor (up 9.04 to 526.50, Charts) index, or the SOX, by nearly 1.8 percent.

Dow component IBM (down $1.45 to $81.86, Research) posted earnings late Tuesday of $1.08 a share, more than expected and up from a year earlier. But the No. 1 tech services firm also reported quarterly revenue that fell from the prior year and met analysts' expectations. Shares lost 1.7 percent Wednesday.

Fellow Dow component Pfizer (down $0.11 to $24.82, Research) announced a drop in quarterly revenue that was short of analysts' forecasts. That overshadowed the drugmaker's higher quarterly earnings that beat analysts' forecasts, and the stock ended lower.

Motorola (down $1.59 to $22.49, Research) slumped 6.6 percent and topped the New York Stock Exchange's most-active list after reporting quarterly results late Tuesday that disappointed investors.

Among other movers, Vitesse Semiconductor (down $0.63 to $2.48, Research) slumped over 20 percent in active Nasdaq trade after saying Tuesday that it is investigating the timing and accounting of stock option grants. The chipmaker also said it is putting its CEO, CFO and an executive vice president on leave related to the investigation.

Market breadth was positive. On the New York Stock Exchange, winners beat losers by nearly five to three on volume of 1.74 billion shares. On the Nasdaq, advancers beat decliners by more than three to two on volume of 2.15 billion shares.

U.S. light crude for May delivery jumped 82 cents to settle at $72.17 a barrel on the New York Mercantile Exchange, an all-time high. The price of crude hit an all-time trading high of $72.40 earlier, after the government reported a surprise decline in crude inventories.

Oil prices have been rising steadily in recent weeks amid worries about Iran's nuclear capability.

Treasury prices fell, raising the yield on the benchmark 10-year note yield back above 5 percent, to 5.02 percent, from 4.98 percent late Tuesday. Bond prices and yields move in opposite directions.

COMEX gold for June delivery rose $14 to settle at $637.30 an ounce, a fresh 25-year high.

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