U.S. stocks rose on Tuesday after encouraging earnings from healthcare and materials companies and unexpected strength in housing, but weakness in technology and banks tempered gains.
Johnson & Johnson
Offsetting that was Goldman Sachs Group Inc
Texas Instruments Inc
Unless the performance of financials and tech stocks improve, then I think the market could be in store for a correction, said Marshall Front, chairman and chief investment officer at Front Barnett Associates in Chicago.
These are important groups that point toward future economic activity, he said, adding that bank results have by and large been disappointing..
In its earnings report last week, JPMorgan Chase & Co
The Dow Jones industrial average <.DJI> was up 51.81 points, or 0.42 percent, at 12,253.40. The Standard & Poor's 500 Index <.SPX> was up 5.42 points, or 0.42 percent, at 1,310.56. The Nasdaq Composite Index <.IXIC> was up 5.54 points, or 0.20 percent, at 2,740.92.
Materials companies were the top percentage gainers on the S&P. Steel Dynamics
Homebuilders also rose after government data showed U.S. housing starts and permits for future home construction rose more than expected in March.
The Dow Jones U.S. home construction index <.DJUSHB> rose 1.4 percent. PulteGroup
Companies scheduled to report quarterly results later on Tuesday include Intel Corp
(Editing by Kenneth Barry)