Wall Street regained its composure yesterday, marching higher after companies including Merrill Lynch and IBM beat earnings expectations...
NEW YORK — Wall Street regained its composure yesterday, marching higher after companies including Merrill Lynch and IBM beat earnings expectations.
The good earnings news reassured investors after disappointing earnings from Citigroup on Monday halted three weeks of stock-market gains.
Brokerage Merrill’s earnings, released before trading opened, beat analysts’ estimates by 6 cents a share. IBM’s results, released after the close of regular trading Monday, also beat expectations and marked the company’s return to strength after a dismal first quarter.
IBM’s stock soared, rising $1.92 to $83.73. Merrill rose $1.32 to $57.99.
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The tech-dominated Nasdaq rose 28.31, or 1.32 percent, to 2,173.18 — a high for the year — while the Dow Jones industrial average rose 71.57, or 0.68 percent, to 10,646.56. The Dow fell 65.84 Monday.
In Northwest stocks, Boeing rose 15 cents to close at $64.89. Microsoft climbed 61 cents to close at $26.16 in regular trading, then dropped 28 cents to $25.88 in after-hours trading.
The Standard & Poor’s 500 index rose 8.22, or 0.67 percent, to 1,229.35.
The Russell 2000 index of smaller companies rose 10.30, or 1.56 percent, to 668.86.
Despite the day’s gains, the market is about even with where it was last week, said Peter Martin, senior technical analyst, Prudential Equity Group. “In the very short term, it’s just a tired market.”
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We’ve trimmed 35 Nasdaq stocks, leaving us with 1,090, and we’ve eliminated the earnings-per-share data from our Northwest stocks list.
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