US STOCKS-Techs lifts Nasdaq; Dow, S&P dampened by home sales

                                
  
                                
* November new home sales drop 11.3 percent
                                
 * Micron, Red Hat rise after profits beat expectations
                                
 * Dow up 0.1 pct, S&P 500 up 0.3 pct, Nasdaq up 0.7 pct
                                
 * For up-to-the-minute market news, click STXNEWS/US
 (Updates to mid afternoon, changes byline)
                                
 By Leah Schnurr
                                
 NEW YORK, Dec 23 (Reuters) - The Nasdaq rose on Wednesday
after solid earnings from Micron Technology and Red Hat, but an
unexpected drop in new home sales limited gains on the broader
market.
                                
 Red Hat Inc <RHT.N> gained 4.8 percent to $31.30 following
third-quarter results that beat expectations, and Micron
Technology Inc <MU.N> climbed 5.6 percent to $9.94 after
posting its first quarterly profit in nearly three years. For
details, see  [ID:nN22122854] and [ID:nN22130657]
                                
 "Technology is really carrying the way," said Keith
Springer, president of Capital Financial Advisory Services in
Sacramento, California.
                                
 "The consensus is regardless of what the economy does, this
group will be the beneficiary. They were the ones that leaned
down the fastest when the market crumbled last year."
                                
 The Dow and S&P 500 were little changed as gains in
resource shares were tempered by data that showed new home
sales dropped 11.3 percent, sinking to a seven-month low in
November. [ID:nN2277248]
                                
 A recovery in the housing market is considered crucial if
the U.S. economy is to sustain its rebound from a severe
recession. Home improvement chain Home Depot Inc <HD.N> shed
1.2 percent to $28.92 and was one of the Dow's worst drags.
                                
 The Dow Jones industrial average <.DJI> added 9.07 points,
or 0.09 percent, to 10,474.00. The Standard & Poor's 500 Index
<.SPX> put on 2.83 points, or 0.25 percent, to 1,120.85. The
Nasdaq Composite Index <.IXIC> gained 15.62 points, or 0.69
percent, to 2,268.29.
                                
 Volume was light on the last full trading day before the
Christmas holiday. The New York Stock Exchange will close at
1:00 p.m. EST (1800 GMT) on Thursday and will be closed on
Friday.
                                
 Energy stocks moved higher, as U.S. oil futures <CLc1>
jumped 2.8 percent to $76.50 per barrel after data showed U.S.
crude oil inventories fell more than expected last week as
imports declined. [ID:nN23154809]
                                
 The PHLX Oil Service index <.OSX> shot up 1.8 percent,
lifted by Schlumberger Ltd <SLB.N>, which rose 2.4 percent to
$65.50. Barclays Capital raised its rating on shares of the
oilfield services company to "overweight" from "equal-weight."
[ID:nSGE5BM0HX]
                                
 The dollar lost 0.5 percent against a basket of major
currencies <.DXY>, lifting exporters like Caterpillar Inc
<CAT.N>, which was up 1 percent at $58.41, and helped limit
declines in the Dow and the S&P 500.
                                
 Rounding out the day's data, the final December reading on
consumer sentiment from the Reuters/University of Michigan
surveys and November personal spending both came in weaker than
expected.
  (Editing by Jeffrey Benkoe)