Stocks rose on Tuesday, spurred by technology companies as Apple's strong quarterly profit report and news of Blackberry-maker Research In Motion's deal for distribution in China added to and better than expected results from American Express.
The technology sector outpaced the broader market with the Standard & Poor's 500 Index rising 0.88 percent while the technology heavy Nasdaq Composite Index climbed 1.65 percent. Bluechip stocks on the Dow Jones industrial average were up 0.81 percent.
Apple (Nasdaq: GOOG) made its biggest gains since January on higher demand for iPods and iPhones and record sales of its Macintosh computers. Apple said late Monday its quarterly net earnings increased 67 percent. Shares were up $11.74, or 6.73 percent to reach $186.10.
RIM (NASDAQ: RIMM) said Tuesday that it was partnering with Alcatel-Lucent to distribute its Blackberry devices in China. Its U.S.-listed shares rose $11.15, or 9.83 percent, to close at $124.53 in regular trading.
Meanwhile investors looking to gain additional insight into the state of shaky credit markets may have been reassured by results from credit card firm American Express (NYSE:AXP), which reported that spending by wealthy consumers rose, raising its third-quarter profit by 11 percent. Shares rose $1.83, or 3.22 percent to $58.70.
The Dow rose 109.26 to end at 13,676.23. The S&P 500 gained 13.26 points, to finish at 1,519.59. The Nasdaq Composite Index was up 45.33 points at 2,799.26.