Earnings boost Wall Street; Apple, Netflix curb Nasdaq
By Ryan Vlastelica
NEW YORK (Reuters) - Stocks rose on Tuesday after strong earnings from big manufacturers and AT&T, but gains were capped on Nasdaq ahead of results from Apple and after a downbeat forecast from Netflix.
AT&T Inc, 3M Co and United Technologies Corp, all Dow components, rallied after profits topped estimates, continuing the trend of strong results this season.
"These results serve as a reminder that while near-term volatility is all but certain, the strength of corporate America remains intact, and valuations remain attractive," said Mark Martiak, senior wealth strategist at Premier/First Allied Securities in New York.
With 153 S&P 500 components reporting, more than three-fourths have topped expectations, according to Thomson Reuters Proprietary Research.
AT&T advanced 3.7 percent to $31.74, while 3M was up nearly 2 percent to $88.75 and United Tech rose 0.81 percent to $80.34.
Apple Inc fell 2 percent to $560.25 and weighed on the Nasdaq ahead of earnings after the market closes.
Results from the world's most valuable company will be dissected after a share swoon raised concerns that a rally of 40 percent year to date was over.
Netflix Inc also limited the Nasdaq's rise, slid 13.2 percent to $88.27 a day after it forecast slower subscriber growth this quarter. Continued...