Upbeat quarterly results help to keep techs up

Technology stocks cut gains in early afternoon trading on Wednesday but were still up amid a fresh batch of upbeat quarterly results from companies like Compaq Computer Corp.

But blue chips were flat to lower, weighed down by lacklustre scorecards from old economy companies, including chemical giant DuPont, and diversified manufacturer Minnesota Mining & Manufacturing Co.

Despite buying in select new economy stocks, investors were stepping lightly ahead of today's testimony by Federal Reserve chairman Mr Alan Greenspan before the Senate budget committee.