Market gains modestly; Intel rises late
Stocks eked out a gain on Tuesday as investors looked ahead to earnings from big banks and tech bellwethers, even as disappointing revenue from Alcoa Inc
With the Standard & Poor's index up about 40 percent over the past year, some analysts say stock gains during earnings season could be minimal as equities tend to do worse in earnings periods after making gains in anticipation of strong results.
Alcoa late on Monday reported revenue that failed to meet expectations, sending its stock down 3.2 percent to $14.11.
Alcoa is just one company, but if that's the norm, there's going to be some resistance, said Paul Kasriel, senior vice president at Northern Trust in Chicago.
The Dow Jones industrial average <.DJI> finished up 13 points, or 0.12 percent, at 11,019.42. The Standard & Poor's 500 Index <.SPX> ended up 0.81 point, or 0.07 percent, at 1,197.29. The Nasdaq Composite Index <.IXIC> was up 8.12 points, or 0.33 percent, at 2,465.99.
After the market closed, chipmaker and Dow component Intel Corp
Intel also lifted shares of Advanced Micro Devices
CSX Corp
Even though the Dow closed above 11,000 again, it is poised to encounter formidable resistance ahead, according to market technicians.
Bank shares fell as UBS cut its rating on regional banks including KeyCorp
Ambac Financial
Petrohawk Energy Corp
S&P 500 earnings are expected to rise 37.1 percent in the first quarter from a year earlier, according to Thomson Reuters data.
Among companies reporting, retailer Talbots Inc
Corporate results scheduled for later this week include JPMorgan Chase & Co
About 9.17 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's estimated daily average of 9.65 billion.
There were a roughly equal number of advancing as declining stocks on the New York Stock Exchange, while on the Nasdaq, slightly more stocks rose than fell.
(Editing by Kenneth Barry)
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