Mid-Morning Market Update: Markets Open Higher; Alphabet Profit Tops Views

Following the market opening Friday, the Dow traded up 0.71 percent to 17,612.69 while the NASDAQ jumped 1.86 percent to 5,011.42. The S&P also rose, gaining 1.02 percent to 2,073.38.

In trading on Friday, technology shares jumped by 2.54 percent. Top gainers in the sector included

, up 19 percent, and

, up 16 percent. In trading on Friday, energy shares dipped by 0.48 percent. Meanwhile, top losers in the sector included

, down 29 percent, and

, off 5 percent.

Alphabet Inc

reported better-than-expected earnings for the third quarter on Thursday. The Mountain View, California-based company posted quarterly net income of $3.98 billion, or $5.73 per share, compared to $2.74 billion, or $3.98 per share, in the year-ago quarter. Excluding one-time items, Alphabet's earnings came in at $7.35 per share. Its revenue climbed to $18.68 billion from $16.52 billion. However, analysts were expecting earnings of $7.21 per share on revenue of $18.54 billion.

shares shot up 16 percent to $148.36 after the company reported upbeat Q3 results. Shares of

got a boost, shooting up 11 percent to $721.57 after the company reported better-than-expected earnings for the third quarter.

shares were also up, gaining 10 percent to $52.90 after the company reported stronger-than-expected earnings for its fiscal first quarter.

shares tumbled 31 percent to $32.01 after the company reported weaker-than-expected Q3 sales. Shares of

were down 38 percent to $11.88. Pandora reported in-line earnings for the third quarter, but the company issued a weak revenue forecast for the fourth quarter.

was down, falling 21 percent to $34.20. Fortinet reported upbeat quarterly earnings, but the company issued a weak forecast.

In commodity news, oil traded down 1.98 percent to $44.48, while gold traded up 0.11 percent to $1,167.40. Silver traded up 0.08 percent Friday to $15.85, while copper fell 0.29 percent to $2.38.

European shares were higher today. The eurozone's STOXX 600 rose 1.96 percent, the Spanish Ibex Index rose 1.28 percent, while Italy's FTSE MIB Index surged 0.82 percent. Meanwhile, the German DAX climbed 2.73 percent, and the French CAC 40 jumped 2.39 percent, while U.K. shares rose 1.30 percent.

The flash reading of the Markit manufacturing PMI came in at 54.0 in October, versus economists' estimates of 52.8.