Wall Street gains momentum, led by technologies

April 22, 2009 11:05 am 

NEW YORK, April 22 — Wall Street fluctuated and inched up on Tuesday, as a rally in technology stocks overshadowed worse-than-expected earnings from many big names.

Yahoo Inc. added over four percent on a report that it's in talks with Microsoft Corp. about an advertising partnership. Moreover, the news that chipmaker Texas Instruments Inc. posted a surprising quarterly profit also boosted the market sentiment.

The positive news from technology companies offset concerns about corporate earnings, which once weighed on the big board after the opening bell.

Heavy equipment maker Caterpillar Inc. posted better-than- expected earnings but reduced its forecast. Caterpillar fell 3.6 percent.

In addition, drugmaker Merck & Co. posted a 57-percent drop in first-quarter profit, falling short of expectations. The stocks tumbled six percent.

Coca-Cola Co., the world's largest beverage maker, said on Tuesday that its first-quarter profit fell 10 percent, meeting analysts' estimates.

Bank of New York Mellon Corp. said its first-quarter earnings fell 57 percent, a bigger decline than analysts' estimates. The company said it was slashing its dividend to shore up capital. Its shares fell 15 percent in early trading.

The Dow Jones rose 44.12 to 7,885.85. Broader indexes also moved higher. The Standard & Poor's 500 index rose 6.07 to 838.46, and the Nasdaq climbed 19.02 to 1,627.23. (PNA/xinhua)

ALM/ebp

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