Tech stocks pull market higher

NEW YORK – The stock market broke a three-day slide Friday as stronger results at two big technology companies bolstered confidence about a comeback in the economy.

Tech stocks pulled the market higher in choppy trading that brought record volume to the New York Stock Exchange. Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each posted earnings that topped expectations.

The Dow Jones industrial average added 21 points but fell for the week.

The better results at Oracle, which makes software for large businesses, suggested that companies are becoming more willing to spend on technology projects. Research In Motion increased profits as it added subscribers and record sales of its smartphones.

Burt White, chief investment officer at LPL Financial in Boston, said the reports raised expectations that improving profits would help an economy still struggling with high unemployment. “What is going to drive this recovery is an improvement in business spending, not consumer spending,” he said.

After a volatile morning, the market settled out in the afternoon as investors looked to close their books for the year. Trading will be shortened next week because of the Christmas holiday on Friday.

The day began with a frenzy of buying and selling as several types of options contracts expired. Volatility was also high as several stocks were added to and dropped from the Standard & Poor’s 500 index, a widely used benchmark and the basis for many indexed mutual funds. Trading on the New York Stock Exchange topped 3 billion shares for the first time. The prior record, just short of 3 billion shares, came in September last year.

The frenetic trading was an exception to the market’s recent pattern. Many investors have stepped away from the market since November, resulting in unusually thin volume, while they look for evidence that a nine-month advance in stocks is justified.