Earnings boost Wall Street; Apple, Netflix curb Nasdaq

Tue Apr 24, 2012 11:54am EDT
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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...

Traders work on the floor of the New York Stock Exchange, April 23, 2012. REUTERS/Brendan McDermid