NEW YORK: U.S. stocks gained on Tuesday, Jan 18, overcoming weak Citigroup results and concerns circling Apple after Chief Executive Steve Jobs' medical leave.
Investors focused instead on increased price targets for Google, which reports later this week, and Dow component Caterpillar, whose results are due next week.
Shares of Apple Inc slipped 2.3 percent to $340.65 ahead of its quarterly earnings, after the company said Jobs is taking his third medical leave since 2004.
Shares of the bellwether TECHNOLOGY [] company pared earlier losses and eased pressure on stock indexes. Apple has about a 21 percent weighting in the Nasdaq 100, which edged up 0.2 percent.
"To me, it seemed like the news was troubling for the company, but it's Apple, it ain't going to matter," said Stephen Massocca, managing director of Wedbush Morgan in San Francisco.
Massocca felt the iPad maker would report strong results and "shorts will be picking shards of glass out of their eyes."
Offsetting the news was a gain in shares of Google, up 2.5 percent at $639.63 after several brokerages raised their price target on the company's stock ahead of the world's No. 1 Internet search engine's earnings later this week.
The Dow also rose moderately, boosted by gains in Caterpillar Inc. The heavy equipment maker's stock was up 2.8 percent at $96.23 after Raymond James raised its price target to $116 from $95.
Also lifting the Dow was Boeing Co, which gained 3.4 percent to $72.47 after the plane maker alleviated fears about the delivery schedule of its long-delayed 787 Dreamliner jet.
Optimism about earnings has helped bolster stocks in recent weeks, with the S&P 500 posting its seventh straight week of gains on Friday.
Aside from Apple, gains were tempered by Citigroup Inc, whose shares fell 6.4 percent to $4.80 after the No. 3 U.S. bank reported a sharp drop in bond trading revenue that pushed profits below expectations.
The Dow Jones industrial average rose 50.55 points, or 0.43 percent, to end at 11,837.93. The Standard & Poor's 500 Index added 1.78 points, or 0.14 percent, to 1,295.02. The Nasdaq Composite Index gained 10.55 points, or 0.38 percent, at 2,765.85.
Earlier, the Dow traded as high intraday as 11,858.78, a fresh 52-week high. The S&P 500 and the Nasdaq also climbed intraday and closed just slightly below their fresh 52-week highs.
The financial SPDR exchange-traded fund was off 0.5 percent and the KBW bank index dropped 1.2 percent after recent gains. Stronger-than-expected results from JPMorgan Chase & Co last Friday buoyed optimism about bank stocks, which had rallied in recent weeks.
Bank of America Corp was down 1.6 percent at $15.00. The bank is set to report results later this week. - Reuters
Investors focused instead on increased price targets for Google, which reports later this week, and Dow component Caterpillar, whose results are due next week.
Shares of Apple Inc slipped 2.3 percent to $340.65 ahead of its quarterly earnings, after the company said Jobs is taking his third medical leave since 2004.
Shares of the bellwether TECHNOLOGY [] company pared earlier losses and eased pressure on stock indexes. Apple has about a 21 percent weighting in the Nasdaq 100, which edged up 0.2 percent.
"To me, it seemed like the news was troubling for the company, but it's Apple, it ain't going to matter," said Stephen Massocca, managing director of Wedbush Morgan in San Francisco.
Massocca felt the iPad maker would report strong results and "shorts will be picking shards of glass out of their eyes."
Offsetting the news was a gain in shares of Google, up 2.5 percent at $639.63 after several brokerages raised their price target on the company's stock ahead of the world's No. 1 Internet search engine's earnings later this week.
The Dow also rose moderately, boosted by gains in Caterpillar Inc. The heavy equipment maker's stock was up 2.8 percent at $96.23 after Raymond James raised its price target to $116 from $95.
Also lifting the Dow was Boeing Co, which gained 3.4 percent to $72.47 after the plane maker alleviated fears about the delivery schedule of its long-delayed 787 Dreamliner jet.
Optimism about earnings has helped bolster stocks in recent weeks, with the S&P 500 posting its seventh straight week of gains on Friday.
Aside from Apple, gains were tempered by Citigroup Inc, whose shares fell 6.4 percent to $4.80 after the No. 3 U.S. bank reported a sharp drop in bond trading revenue that pushed profits below expectations.
The Dow Jones industrial average rose 50.55 points, or 0.43 percent, to end at 11,837.93. The Standard & Poor's 500 Index added 1.78 points, or 0.14 percent, to 1,295.02. The Nasdaq Composite Index gained 10.55 points, or 0.38 percent, at 2,765.85.
Earlier, the Dow traded as high intraday as 11,858.78, a fresh 52-week high. The S&P 500 and the Nasdaq also climbed intraday and closed just slightly below their fresh 52-week highs.
The financial SPDR exchange-traded fund was off 0.5 percent and the KBW bank index dropped 1.2 percent after recent gains. Stronger-than-expected results from JPMorgan Chase & Co last Friday buoyed optimism about bank stocks, which had rallied in recent weeks.
Bank of America Corp was down 1.6 percent at $15.00. The bank is set to report results later this week. - Reuters
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