Wall St up as earnings offset retail data; Intel soars
By Leah Schnurr
NEW YORK (Reuters) - U.S. stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.
Positive surprises on the earnings front could boost markets again on Wednesday as chip maker Intel reported results after the bell that surpassed expectations, driving stock index futures sharply higher.
Intel also gave a forecast for current-quarter revenue that beat analysts' estimates. Its stock surged 7.4 percent to $18.08 in extended trade.
Analysts said the bulk of Tuesday's news during the regular session, including a jump in profit from Goldman Sachs, was already accounted for on Monday, when major stock indexes climbed more than 2 percent in anticipation of strong bank results.
Competing positive and negative earnings reports tempered each other, keeping the markets range-bound.
Gains were muted by lackluster retail sales data and comments from Dell that second-quarter margins would be lower as demand has shifted toward cheaper computers, such as netbooks.
This was offset by encouraging comments from railroad company CSX Corp's chief executive and results from Johnson & Johnson that surpassed expectations.
"The sellers had a chance to run with it, but again we found sideline cash ready to come in," said Scott Marcouiller, senior equity market strategist at Wells Fargo Advisors in St. Louis. Continued...
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