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April 23, 2008 / 4:37 PM

U.S. markets post modest gains Wednesday

A trader monitors the boards in the Dow Jones index futures pit at the Chicago Board of Trade in Chicago on January 22, 2008. Before the start of trading, the Federal Reserve cut its benchmark short-term interest rate by 0.75 points to 3.5 percent, the sharpest cut in more than 20 years. The Dow Jones industrial average, which plunged 465 points in early trading, recovered throughout the day to close down 128.11 points at 11,971.19, the lowest close since October 17, 2006. (UPI Photo/Brian Kersey)

A trader monitors the boards in the Dow Jones index futures pit at the Chicago Board of Trade in Chicago on January 22, 2008. Before the start of trading, the Federal Reserve cut its benchmark short-term interest rate by 0.75 points to 3.5 percent, the sharpest cut in more than 20 years. The Dow Jones industrial average, which plunged 465 points in early trading, recovered throughout the day to close down 128.11 points at 11,971.19, the lowest close since October 17, 2006. (UPI Photo/Brian Kersey) | License Photo

NEW YORK, April 23 (UPI) -- U.S. stock indexes posted gains by the close Wednesday, led by a strong day for technology stocks.

"Tech is one of the few bright spots across a sluggish earnings quarter," Fred Dickson, chief marketing strategist at D.A. Davidson told The Wall Street Journal.

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The Dow Jones industrial average rose 42.99 points to 12,763.22, up 0.34 percent. The Standard & Poor's 500 index rose 3.99 points to 1,379.93, up 0.29 percent. The Nasdaq composite index of tech-dominated stock gained 28.27 points to 2,405.21, up 1.19 percent.

On the New York Stock Exchange 1,639 stocks advanced and 1,469 declined on a volume of 1.352 billion shares traded.

The 10-year U.S. Treasury note fell 12/32 to yield 3.745 percent.

The dollar gained. The euro traded at $1.5883 Wednesday from Tuesday's $1.5890, while the dollar traded at 103.47 yen, unchanged from Tuesday's rate.

In Tokyo, the Nikkei average gained 31.34 points Wednesday to close at 13,579.16, up 0.23 percent.

In London, the FTSE 100 index gained 48.90 to 6,083.60, up 0.81 percent.

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