Wall Street techs rise on upbeat earnings US equities extended Wednesday's gains as better-than-expected second-quarter earnings of some technology companies overshadowed the higher weekly US jobless claims. The S&P 500 started the day 0.2 per cent higher to 1,375.71 - its highest point since early May. The benchmark index has gained 9.4 per cent in the year to date. We do continue to carry a projection of 1,400 to 1,450 for the S&P 500 for year-end 2012. That range represents a 13 times to 13.4 times price-to-earnings valuation, based upon our preliminary 2013 operating earnings projection for the S&P 500 of $108," said Stuart Freeman, chief equity strategist at Wells Fargo Advisors. [But] summer trading volumes, as usual, have been low. Many international investors will vacation the entire month of August," he added. The S&P 500 has been trading in a wide range for some time and it is not clear what might drive the index outside of the 1,425 early April high and the recent 1,265 low. The Dow Jones Industrial Average rose 0.1 per cent to 12,923.76 and the technology-heavy Nasdaq Composite Index gained 0.7 per cent to 2,962.38. The S&P 500 information technology index led gains in early morning, rising 0.7 per cent. A string of tech companies such as Qualcomm , IBM and eBay had reported their earnings that were stronger than estimated after the market closed on Wednesday. Google and Microsoft will report their quarterly results after the market closes today. Shares in Google added 1.8 per cent to $591.55, while Microsoft went up 0.6 per cent to $30.62. Other tech stocks ticked up. Apple , the most heavily weighted stock in the Nasdaq, gained 0.7 per cent to $610.48. Facebook increased 0.4 per cent to $29.23. Ebay "s shares rallied 8.2 per cent to $43.79 after the company's second-quarter earnings, announced after the market closed on Wednesday, beat analysts" estimates. The financials index of the S&P 500 edged up fractionally, but Morgan Stanley dropped 3 per cent as the bank's second-quarter earnings missed analysts" estimates due to the decline of trading activity. Bank of America gained 1.2 per cent to $7.62 and JPMorgan Chase added 0.3 per cent to $35.08, but Goldman Sachs edged down 0.1 per cent to $96.48. The defensive telecoms index was the worst performer at the open. Verizon lost 1.7 per cent to $45.11, although the carrier's second-quarter earnings met analysts" estimates with a profit of $1.83bn, or 64 cents a share. Verizon's direct rival AT&T also fell - by 1.2 per cent to $35.68. Elsewhere, shares in Walgreen surged 12.3 per cent after the US drugstore chain said in a statement that it had entered a multi-year pharmacy network agreement with Express Script , an integrated pharmacy benefit management services provider. Walgreen said the alliance would provide the company with a broader retail pharmacy network. Shares in Express Script added 1.9 per cent to $58.81.