{"id":399844,"date":"2011-04-26T15:02:01","date_gmt":"2011-04-26T15:02:01","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/26\/stocks-get-an-earnings-boost\/"},"modified":"2011-04-26T15:02:01","modified_gmt":"2011-04-26T15:02:01","slug":"stocks-get-an-earnings-boost","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/26\/stocks-get-an-earnings-boost\/","title":{"rendered":"Stocks get an earnings boost"},"content":{"rendered":"
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\"stock<\/a>Click chart for more market data.<\/strong><\/span> By Hibah Yousuf, staff reporter<\/span>April 26, 2011: 11:01 AM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stocks gained momentum Tuesday, as investors pored through earnings results and and a better-than-expected report on consumer confidence.<\/p>\n

The Dow Jones industrial average (INDU<\/a>) gained 70 points, or 0.6%, the S&P 500 (SPX<\/a>) rose 8 points, or 0.6%, and the Nasdaq Composite (COMP<\/a>) added 16 points, or 0.6%.<\/p>\n

“Corporate earnings have been strong and are a good sign of global growth,” said Dave Rovelli, managing director of U.S. equity trading at Cancaccord Adams.<\/p>\n

Rovelli said upbeat results from package shipper UPS (UPS<\/a>, Fortune 500<\/a>) is particularly compelling given the company’s global reach into the economy. Shares of UPS rose 1% Tuesday after the company posted a 66% rise in profit and raised its full-year earnings outlook.<\/p>\n

The busy week in earnings news also brought the strongest first quarter in 13 years<\/a> from Ford Motor (F<\/a>, Fortune 500<\/a>), pushing the automakers’s shares up 3%.<\/p>\n

3M (MMM<\/a>, Fortune 500<\/a>) was among the Dow’s leaders, with its shares up more than 2% after the company reported better-than-expected earnings. Cummins (CMI<\/a>, Fortune 500<\/a>) led the S&P 500 with an 8% rise after the engine maker surprised investors by doubling its profit.<\/p>\n

Delta (DAL<\/a>, Fortune 500<\/a>)’s stock advanced 8% after the airline beat the Street on earnings and revenue.<\/p>\n

IBM (IBM<\/a>, Fortune 500<\/a>), which reported a better-than-expected first-quarter<\/a> last week, announced a 15% quarterly dividend increase and said it would buy back more of its shares.<\/p>\n

But it wasn’t all good news from Corporate America. Lexmark International (LXK<\/a>) shares fell 16%, making it the worst performing company in the S&P 500, and Coca-Cola (KO<\/a>, Fortune 500<\/a>) shares lost 2% to make it the biggest loser on the Dow. Both reported disappointing earning.<\/p>\n

Netflix (NFLX<\/a>) shares tumbled more than 6%, a day after the company reported solid earnings but issued an outlook that fell short<\/a> of forecasts. The online movie rental company posted the worst losses in the Nasdaq composite.<\/p>\n

Seattle-based Amazon.com (AMZN<\/a>, Fortune 500<\/a>) is on tap to announce quarterly earnings after the closing bell Tuesday.<\/p>\n

Investors largely shrugged off another dour reading on the housing market. The latest S&P\/Case-Shiller home price index<\/a> showed that eight straight months of declines have now put home prices near post-crisis lows reached in 2009.<\/p>\n

“The market is scrapping the housing data,” Rovelli said. “Everyone know the housing market is a disaster and it’s not getting better anytime soon.”<\/p>\n

U.S. stocks ended mixed on Monday,<\/a> helped by a modest boost in technology shares.<\/p>\n

Economy:<\/strong><\/a> The Conference Board’s consumer confidence index for April rose more than expected to 65.4 from 63.8 the prior month. Economists were expecting the sentiment index to come in at 64.4.<\/p>\n

Meanwhile, this week also brings Wednesday’s Federal Reserve press conference<\/a> and Thursday’s report on U.S. economic growth<\/a>.<\/p>\n

“There’s some anxiety about Bernanke’s press conference tomorrow and the GDP numbers on Thursday,” said Scott Brown, chief economist at Raymond James. “Towards the end of the day you may seem a little bit of nervousness in markets.”<\/p>\n

World markets:<\/strong><\/a> European stocks rose in afternoon trading. Britain’s FTSE 100 rose 0.3%, the DAX in Germany added 0.4% and France’s CAC 40 advanced about 0.2%.<\/p>\n

Asian markets ended the session lower. The Shanghai Composite lost 0.9%, the Hang Seng in Hong Kong dipped 0.5% and Japan’s Nikkei fell 1.2%.<\/p>\n

Currencies<\/strong><\/a> and commodities:<\/a><\/strong> The dollar fell against the euro and the Japanese yen, but rose versus the British pound.<\/p>\n

Oil for June delivery slipped 50 cents to $111.78 a barrel.<\/p>\n

Gold futures for June delivery fell $11.00 to $1,498.10 an ounce. Silver prices<\/a> pulled back sharply to $45.14 an ounce, one day after prices came within spitting distance of the key $50-an-ounce level.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.34% from 3.36% late Monday. \u00a0\"To<\/a><\/p>\n

First Published: April 26, 2011: 9:46 AM ET<\/p>\n<\/div>\n

<\/p>\n

More:
\nStocks get an earnings boost<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Click chart for more market data. 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