Stocks rose on Tuesday as a profit from United Technologies Corp
The Nasdaq rose as chipmaker Texas Instruments Inc
Texas Instruments is helping tech, and that is a sector people are definitely looking to rotate into, said Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland.
Number one, it's the early cycle in terms of an economic recovery and those companies don't have a lot of debt issues that other ones do, so refinancing and credit risk isn't as big of a problem for those companies.
Diversified U.S. manufacturer United Technologies Corp
Drugmaker Merck & Co Inc
The Dow Jones industrial average <.DJI> gained 14.49 points, or 0.18 percent, to 7,856.22. The Standard & Poor's 500 Index <.SPX> rose 3.25 points, or 0.39 percent, to 835.64. The Nasdaq Composite Index <.IXIC> added 14.13 points, or 0.88 percent, to 1,622.34.
U.S. stocks had risen for six consecutive weeks, the longest for the S&P 500 since 2007, and the Dow scored its biggest percentage gain since 1938.
After the close on Monday, Texas Instruments reported a surprise quarterly profit on better-than-expected revenue as demand for its chips improved in Asia, and gave a rosier-than-expected outlook for the current quarter. Shares slid 2 percent to $16.95 Tuesday.
On the merger front, chipmaker Broadcom Corp
Broadcom shares slid 10 percent to $19.56, while Emulex surged 45 percent to $9.57.
Chemical maker DuPont Co
Soft-drink maker Coca-Cola Co
Shares of General Motors Corp
At the close of trading on Friday, the blended growth rate for the first quarter, which combines actual numbers for companies that have reported earnings and estimates for companies that have yet to report, stood at negative 37.4 percent, according to Thomson Reuters data.
(Reporting by Chuck Mikolajczak; Editing by Theodore d'Afflisio and Jeffrey Benkoe)