U.S. stocks end up after late-session rebound
Of three major indexes, Nasdaq Composite posts biggest gains
NEW YORK (MarketWatch) — In a late-session turnaround, the U.S. stock market erased losses to end marginally higher Monday, with the technology sector posting the biggest gains as investors considered corporate-earnings reports.
The S&P 500 index (SNC:SPX) gained less than a point to finish at 1,433.81, edging into positive territory at the very end of the session.
“There’s a little bit of wait-and-see here, we’ve got a lot more earnings to come out with,” said Andrew Fitzpatrick, director of investments at Hinsdale Associates Inc. in Hinsdale, Ill.
The S&P 500 had hit an intraday low of 1,422.06.
Information technology was the top gainer among its 10 industry groups after getting nailed in recent weeks by disappointing reports from heavy hitters including Google Inc. (NASDAQ:GOOG) and Nokia Corp. (NYSE:NOK) . Telecommunications, energy and consumer discretionary were among the sectors that posted declines for the session.
After falling 108 points, the Dow Jones Industrial Average (DJI
JIA) turned higher in the last few minutes of trade to finish up 2.38 points at 13,345.89.
Hewlett-Packard Co. (NYSE:HPQ) , UnitedHealth Group Inc. (NYSE:UNH) and Caterpillar Inc. (NYSE:CAT) were among the top gainers in the Dow.
Caterpillar shares rose 1.5% after the Dow component and maker of mining and construction equipment reported quarterly earnings above estimates but came in light on revenue while lowering its outlook for the year. Read: Caterpillar cuts outlook.
“They did pre-announce that they would have to lower guidance, so I don’t think it’s a surprise to the markets,” said Fitzpatrick of Caterpillar’s reduced 2012 forecast.
“The market is going to look to try and stop the bleeding there, especially with Apple; that’s a stock that has had a rough month or so,” he said.
Thursday is expected to bring reports from Apple Inc. (NASDAQ:AAPL) and Amazon.com Inc. (NASDAQ:AMZN)
After the closing bell Monday, Yahoo Inc. (NASDAQ:YHOO) reported a jump in quarterly profit.
After falling to an intraday low of 2,995.7 — its first dip below 3,000 since Aug. 13, the Nasdaq Composite (NASDAQ:COMP) rose 11.34 points, or 0.4%, to end at 3,016.96.
Around 634 million shares traded on the New York Stock Exchange. Composite volume approached 3.2 billion.
http://www.marketwatch.com/story/us-stocks-ed...beforebell
