Stocks rose for a second day on Tuesday as investors snapped up shares in the technology sector ahead of results from Hewlett Packard
In another boost to the technology sector, International Business Machines's
IBM, up 1.2 percent to $105.84, and Hewlett Packard
There's some room here for them (Hewlett Packard) to come out and actually sound pretty positive, and I think that's what you're seeing get built in a little bit here, said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco.
They're a good company, he said. (They) could easily provide you with not only perhaps (an) earnings surprise from getting rid of their inventory but really strong positive comment.
The Dow Jones industrial average <.DJI> was up 26.84 points, or 0.32 percent, at 8,530.92. The Standard & Poor's 500 Index <.SPX> was up 6.28 points, or 0.69 percent, at 915.99. The Nasdaq Composite Index <.IXIC> was up 17.07 points, or 0.99 percent, at 1,749.43.
On Nasdaq, shares of Apple Inc
Barclays Capital reiterated its overweight rating on Apple Inc
Other stocks indexes moved higher on Tuesday as investors bet that an April slide in U.S. housing starts and permits signaled that the housing market may soon stabilize as the supply of new homes dwindles.
Analysts said while the housing data pointed to more headwinds in the sector, slower new construction meant inventories should fall, boding well for the market in the long run.
The Chicago Board Options Exchange Volatility index <.VIX>, also known as Wall Street's fear gauge, on Tuesday fell below 30 for the first time in eight months, extending a pullback from the bear market lows of early March.
Shares in energy companies rose as oil continued to push toward $60 per barrel. Exxon Mobil Corp
(Reporting by Edward Krudy, Editing by Padraic Cassidy)