Tech sector's gains lift Wall St.

By Caroline Valetkevitch

NEW YORK (Reuters) - Stocks rose on Wednesday as a range of technology companies posted results that showed the sector's resiliency in the face of an economic slowdown.

The Nasdaq gained 1 percent after Broadcom Corp (BRCM.O), a top chipmaker for cell phones, beat its quarterly revenue target. The results fueled a 4.1 percent jump in an index of semiconductor stocks .SOXX and set a positive tone for the entire sector.

Apple rose 1.7 percent, benefiting from optimism that its profit would exceed Wall Street's expectations when the iPod maker posts its quarterly results after the bell.

Boeing drove the Dow industrials higher after news that strong deliveries of commercial planes boosted its profits. Companies like Boeing with big international sales have outperformed companies with a more domestic focus.

"The four industries that provided leadership last year have been outperforming: energy, materials, industrials and technology. Those are the most globalized sectors, so it's not too surprising that they're doing well," said Brian Gendreau, investment strategist at ING Investment Management, in New York.

The Dow Jones industrial average .DJI was up 42.99 points, or 0.34 percent, at 12,763.22. The Standard & Poor's 500 Index .SPX was up 3.99 points, or 0.29 percent, at 1,379.93. The Nasdaq Composite Index .IXIC was up 28.27 points, or 1.19 percent, at 2,405.21.

Shares of Boeing jumped 4.5 percent to $82.09.

Apple's stock rose 1.7 percent to $162.89, while shares of Broadcom, which cited strength in wireline, enterprise and broadband, jumped 16.3 percent to $27.39 on the Nasdaq. Broadcom cited strength in wireline, enterprise and broadband.

Also this reporting period, investors cheered results by IBM (IBM.N), Intel Corp (INTC.O) and Google Inc (GOOG.O).

Shares of property and casualty insurer Safeco Corp SAF.N soared 45.8 percent to $65.94 and topped the list of biggest percentage gainers on the New York Stock Exchange after diversified insurer Liberty Mutual group said it agreed to buy the company for $6.2 billion in cash.

The Dow and S&P briefly turned lower around midday as shares of Ambac Financial Group Inc (ABK.N) slid on worries about the bond insurer's outlook and investors fretted anew about the impact of the subprime mortgage fallout.

Early in the day, Ambac posted a wider-than-expected first-quarter loss.

Ambac (ABK.N) plunged 42.6 percent to $3.46, its worst slide in more than three months, while shares of rival MBIA Inc (MBI.N) dropped 33.8 percent to $8.79. An S&P index of financial shares .GSPF was down 0.8 percent.

Also on the up side was Marlboro cigarette maker Philip Morris International Inc (PM.N), which raised its full-year earnings forecast, citing currency benefits.

Philip Morris gained 3.9 percent to $52.