Many averages witnessed a substantial rise in volumes traded during the day due to the encouraging and healthy economic data revealed by the government. However, the market also witnessed another round of sale in tech industry, swathing all the companies red. The report said the US economy grew by 5.7% and the Emplyment Cost Index (ECI) grew by 0.5%; better than the experts prediction of 4.7% and 0.4% respectively. Because the data was released an hour before the market opened, all major averages started with a rise.

Before the investors could tag it as an opportunity to sell their holdings, the market started tumbling, mostly due to tech stocks. Opening quite higher at $30, Microsoft (MSFT) later saw a plunge of 4.5% and closed at $27.62. The quarter earnings for giant software maker were much better than their anticipation; however, the CFO mentioned quite clearly that the 2010 IT spending would be a cautious act. Apple Computer (AAPL) also glittered with early gains but plummeted $8 than previous day’s close.

Accordingly, NASDAQ, driven by tech, saw an abrupt plunge of 29 points. Also, there was a 120-point rise in Dow Jones Industrial Average, which followed the trend and fell 20 points and closed at 10,100.

However, some are defying the most followed path. President Obama plans to augment the guarantee of government lending for new nuclear reactors. Hence, this supplier of low enriched uranium rose by 29 cents to $3.98, and the volume of call options traded was 7,800. The volume traded on Friday was around 14 times more than its average trading volume. While most of the investors are interested in 4th Feb calls, few also seemed to be interested in April 5 calls.

It was another busy day for Qualcomm (QCOM) options after its stock plunged by 14% on Thursday. There wasn’t any plummeting in the previous quarter earnings. In fact, it beat the estimates. However, major fall was seen because the numbers of second quarter were kept low.

The implied volatility is moving ahead of its earnings as Gannets (GCI) puts are quite active. The company’s stock closed at $16.57 moving up 33 cents and investors are quite interested in Feb 16, with around 4200 traded. However, a gradual rise has been noted in the company’s trade. The implied volatility is around 2% to 39 ahead. Since the company revealed its last report in mid-October, there has been 8% in the stock price, and around 29% since July 15.

Though every tech company witnessed movements greater than usual, some moved the market. The trading volume of Microsoft (MSFT) is around 3 times than its average volume with 417,000 contracts already been traded. With 2 times more than its average volume, Amazon (AMZN) traded 213,000 contracts. Motorola (MOT) is witnessing 3X than normal trading with around 130,000 contracts already traded.