Stocks edged higher Tuesday as investors refrained from major moves ahead of first-quarter earnings reports that began with Alcoa's results after the closing bell.
April 11, 2007 (Press Release) --
Stocks edged higher Tuesday as investors refrained from major moves ahead of first-quarter earnings reports that began with Alcoa's results after the closing bell.
The technology-heavy Nasdaq composite index advanced 8.43, or 0.3 percent, to 2,477.61.
Silicon Valley's largest tech stocks by market value were mixed. Intel, Oracle, Apple, eBay, Yahoo and Applied Materials gained. Cisco Systems, Google, Hewlett-Packard and Gilead Sciences dropped.
A modest increase in the Dow Jones industrial average was the eighth consecutive win for the blue-chip index, its longest such streak since 2003. The Dow rose 4.71 to 12,573.85.
The Standard & Poor's 500 index rose 3.78, or 0.3 percent, to 1,448.39.
"A lot of people are going to be watching earnings very closely and not just the numbers, but the guidance that they give going forward," said J. Michael Barron, chief executive of Knott Capital. "I think that will be crucial."
Microsoft dropped 17 cents, or 0.6 percent, to $28.40. The Redmond, Wash., software maker's dominance of desktop computing may slip next year, Goldman Sachs analysts wrote. Microsoft was cut from the brokerage's "conviction buy" list. Microsoft's new Vista software may be the last big operating system developed by the company as its "stranglehold on the desktop" diminishes, analysts wrote.
Bond prices climbed; the yield on the benchmark 10-year Treasury note, which moves in the opposite direction, fell to 4.72 percent from 4.75 percent late Monday. Gold prices rose, while the dollar was mixed against other major currencies.
A barrel of light, sweet crude oil rose 38 cents on the New York Mercantile Exchange to settle at $61.89.
Aluminum maker Alcoa, which rose 3 cents to $34.90 in regular trading, picked up 60 cents in extended trading after releasing a better-than-expected earnings announcement.
Autodesk was up $1.49, or 3.8 percent, at $40.33. A Goldman Sachs analyst raised his rating on the San Rafael software developer, predicting a strong quarter and sizable growth.
Prudential Equity Group said Exxon Mobil and Chevron will boost profitability this year on higher crude prices and tighter supplies. Exxon was up 82 cents, or 1.1 percent, to $77.62. San Ramon-based Chevron was up $1.55, or 2.1 percent, to $77.04.
Source: http://www.mercurynews.com/
The technology-heavy Nasdaq composite index advanced 8.43, or 0.3 percent, to 2,477.61.
Silicon Valley's largest tech stocks by market value were mixed. Intel, Oracle, Apple, eBay, Yahoo and Applied Materials gained. Cisco Systems, Google, Hewlett-Packard and Gilead Sciences dropped.
A modest increase in the Dow Jones industrial average was the eighth consecutive win for the blue-chip index, its longest such streak since 2003. The Dow rose 4.71 to 12,573.85.
The Standard & Poor's 500 index rose 3.78, or 0.3 percent, to 1,448.39.
"A lot of people are going to be watching earnings very closely and not just the numbers, but the guidance that they give going forward," said J. Michael Barron, chief executive of Knott Capital. "I think that will be crucial."
Microsoft dropped 17 cents, or 0.6 percent, to $28.40. The Redmond, Wash., software maker's dominance of desktop computing may slip next year, Goldman Sachs analysts wrote. Microsoft was cut from the brokerage's "conviction buy" list. Microsoft's new Vista software may be the last big operating system developed by the company as its "stranglehold on the desktop" diminishes, analysts wrote.
Bond prices climbed; the yield on the benchmark 10-year Treasury note, which moves in the opposite direction, fell to 4.72 percent from 4.75 percent late Monday. Gold prices rose, while the dollar was mixed against other major currencies.
A barrel of light, sweet crude oil rose 38 cents on the New York Mercantile Exchange to settle at $61.89.
Aluminum maker Alcoa, which rose 3 cents to $34.90 in regular trading, picked up 60 cents in extended trading after releasing a better-than-expected earnings announcement.
Autodesk was up $1.49, or 3.8 percent, at $40.33. A Goldman Sachs analyst raised his rating on the San Rafael software developer, predicting a strong quarter and sizable growth.
Prudential Equity Group said Exxon Mobil and Chevron will boost profitability this year on higher crude prices and tighter supplies. Exxon was up 82 cents, or 1.1 percent, to $77.62. San Ramon-based Chevron was up $1.55, or 2.1 percent, to $77.04.
Source: http://www.mercurynews.com/
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