Technology stocks eked out slim gains yesterday breaking a seven-session losing streak with the help of upbeat earnings from number two software vendor Oracle. The Oracle news provided a brief reprieve from the recent parade of grim earnings forecasts that have pummelled Wall Street. It was not enough to wipe away jitters completely, however, and by late afternoon, the rally had lost steam amid persistent worries about America's corporate profit meltdown.

"The consensus seems to be that visibility and the return in earnings growth may not come until late in the fourth quarter or even next year," said James Volk, co-director of institutional trading at D.A. Davidson & Co.

""We had a good tone in the market this morning because of the Oracle numbers," Volk said. "But there's just too much negative news or potential negative news to keep this market going."

The Nasdaq composite index initially jumped up more than 3 per cent but finished with a gain of just 4.04 points at 1,992.67. The tech-heavy market broke its first seven-session losing streak since December, 2000, according to MarketHistory.com.

The blue-chip Dow Jones industrial average fell 49.25 points to 10,596.13, pressured by a drop in Honeywell International.

The Standard & Poor's 500 Index clung to a slim gain of 4.05 points at 1,212.48.