(By Bob Blandeburgo) Better-than-expected results from bellwether Intel Corp. (Nasdaq: INTC) are lending credence to the notion that technology – fueled by consumer spending – is leading the recovery.

The tech-laden Nasdaq Composite Index is the only major stock index to post a gain over the past five years, rising more than 13% as the Standard & Poor's 500 Index fell more than 3% and the Dow Jones Industrial Average is flat. While the financial crisis has been hard on all three indices, the Nasdaq has gained more than 37% this year compared to the roughly 20% rise on the S&P 500 and a 14% increase for the Dow.

Despite the recession, it's consumers – not businesses – that have demonstrated they are willing to spend on technology that has innovative features that make their lives easier. For example, Apple Inc. (Nasdaq: AAPL) sold more than seven times the number of iPhones in its 2009 third quarter than it did in the same period last year.

"Technology should benefit first and foremost in a global economic recovery," Edward Yardeni, an independent economist and investment strategist told The New York Times.

Performance of semiconductor companies such as Intel and Applied Materials Inc. (Nasdaq: AMAT) can be viewed as leading indicators, since chips orders are ahead of the assembly of devices like computers and mobile phones.

Intel kicked off tech sector's earnings season by soundly beating Wall Street estimates on Tuesday. The company posted a net income of $1.9 billion, or 33 cents per share on revenue of $9.4 billion. Analysts' consensus estimates called for earnings of 28 cents on revenue of $9.0 billion, according to Thomson Reuters Corp. (NYSE: TRI)

Applied Materials reports its fourth quarter results on Nov.