Blue-chip stocks climbed yesterday, boosted by growing hopes for aggressive interest rate cuts by the Federal Reserve, but technology stocks sagged on persistent uncertainty about the sector's earnings outlook.

"There's still plenty of nervousness and uncertainty regarding earnings and the outlook for recovery in key sectors like semiconductors, wireless and telecom equipment," said Alan Skrainka, chief market strategist at Edward Jones.

The Standard & Poor's 500 Index edged up 5.77 points, or 0.47 percent, to 1,234.52.

The technology-heavy Nasdaq Composite Index, however, fell 24.90 points, or 1.21 percent, to 2,034.90. Analysts blamed the Nasdaq's late-day slide partly on investors cashing out after the market's blazing rally in the last two weeks.