Posted By ABC News

U.S. technology stocks fell on Friday, with the Nasdaq Composite Index declining 1 percent at one point, after tech bellwether Microsoft Corp.'s lower-than-expected profit and forecasts disappointed Wall Street.

Microsoft shares fell nearly 11 percent, but signs of a strong economy in the first quarter helped to keep other major stock indexes up slightly.

"Microsoft just made a new 12-month low ... the stock has been stuck in reverse to neutral for some time," said Bruce Zaro, chief technical strategist at Delta Global Advisors. "It has a lot of weight in the Nasdaq, and that's one of the things that we see as a disadvantage to looking at the Nasdaq."

The Dow Jones industrial average was up 16.89 points, or 0.15 percent, at 11,399.40. The Standard & Poor's 500 Index was up 4.09 points, or 0.31 percent, at 1,313.81. The Nasdaq Composite Index was down 9.81 points, or 0.42 percent, at 2,335.14.

Government data on U.S. gross domestic product for the first quarter was broadly in line with market expectations and showed first-quarter economic growth of 4.8 percent-- nearly double the growth in the fourth quarter.

But tempering some of the enthusiasm, Treasury Secretary John Snow said on CNBC television that he expected to see slower U.S. growth in the future.

In another negative sign, the University of Michigan's index said consumer sentiment fell by more than economists had expected in April.

Shares of Microsoft, the world's largest software maker, fell 11 percent to $24.27 after it missed Wall Street's earnings expectations and gave an outlook that failed to impress investors.

Several analysts cut their investment ratings on the company on Friday. Microsoft pressured shares of other tech companies, including International Business Machines Corp., which fell 0.7 percent to $83.27, and Oracle Corp., which fell 0.4 percent to $14.87.

Microsoft's disappointing results follow mostly stronger-than-expected first-quarter earnings from major U.S. companies. More than 70 percent of S&P companies that reported so far have beaten analysts' forecasts, according to Reuters Estimates.

Helping the broad S&P 500 index, crude oil prices rose 1 percent to $71.70 a barrel, helping shares of major oil companies such as Exxon Mobil Corp. Chevron and ConocoPhillips.

Shares of Exxon, the world's largest publicly traded oil company, rose 1.2 percent to $63.16, ConocoPhillips was up 2.4 percent to $67.78 and Chevron climbed 1.8 percent to $61.07.