Investors sent stocks modestly higher in New York today, embracing a sluggish gross domestic product reading that was nonetheless better than expected, hoping that falling oil prices would help spur the economy.

A strong consumer spending and earnings report failed to fend off the pre-holiday doldrums on Wall Street today as stocks finished an uninspired session mixed. However, the major indexes managed a week of solid gains for the first time in over a month.

Investors’ anticipation of a tax cut reignited the New Year’s rally on Wall Street today, sending stocks higher and lifting the Dow Jones industrials more than 170 points.

Shares in technology companies were flat to slightly lower midday in lacklustre rangebound trade as the heavyweight chip sector came under pressure following Applied Materials job cuts announcement despite a buoyant networking sector ahead of Cisco's results tomorrow, dealers said.

Technology shares started Friday with the traditional end-of-the-week torpor exacerbated by the prospect of a three-day weekend, with the main direction coming from last night's slide on the NASDAQ, dealers said.