Stocks rise: S&P 500 up for 3rd straight day
Nasdaq also rises for a third straight day and the Dow comes back from a 120-point drop.
Stocks closed higher Monday, adding to Friday’s strong rally as investors shake off last week’s volatile trading.
The Standard & Poor’s 500-stock index gained 17.25 points, or 0.9% to 1904.01 and the Nasdaq composite index climbed 57.64 points, or 1.4% to 4316.07. The S&P 500 and Nasdaq were higher for a third straight day.
The Dow Jones industrial average lagged behind but turned positive in the last half hour of trading as investors shook off a big profit miss from IBM. The Dow rose 19.26 points, or 0.1%, to 16,399.67 after being down almost 120 points earlier in the session.
U.S. markets are coming off another wild week of trading, in which the Dow saw its most volatile period since 2011.
The Dow rallied 263 points Friday to end a roller coaster week on an up note. Still, the Dow finished the week down 1% and starts the week 5.2% below its Sept. 19 record high.
Investor hopes for solid earnings news to power the market higher have been temporarily dashed by IBM’s weak quarterly earnings report. Missing expectations by a wide margin, IBM saw its shares fall more than 7% to $168.81.
The next big earnings report comes after the closing bell, when Apple reports. Analysts expect the iPhone 6 maker (AAPL) to post earnings per share of $1.30 versus $1.18 a year ago, according to Thomson Reuters data released after Friday’s close.
Wall Street is also coping with a continuation of the stock market downslide in Europe. Germany’s DAX tumbled 1.5% to 8717.76 and France’s CAC 40 fell 1% to 3991.24. Britain’s FTSE 100 dropped 0.7% to 6267.07.
Source: Usatoday- Stocks rise: S&P 500 up for 3rd straight day
