Updated on
Summary US stocks fought off early selling pressure linked to quarterly results from IBM and Intel.
An hour into trade (1430 GMT), the broad-based S&P 500 gained 4.86 points (0.33 percent) at 1,459.78, while the tech-rich Nasdaq added 4.34 (0.14 percent) at 3,105.51.The narrower Dow Jones Industrial Average of 30 blue chips was off slightly, losing 9.78 points (0.07 percent) at 13,542.00Intel shares fell 2.3 percent and IBM 4.4 percent after their disappointing third-quarter reports following the close of trade on Tuesday.IBM revenues fell more than expected due to a sharp drop in hardware sales, and the company took a hit on shifts in the foreign exchange market.Intel said it was cutting back chip output due to slow computer sales and lowered forecasts of tablet sales.Bank of America gained 0.5 percent after reporting a sharp fall in profits in the third quarter due to accounting adjustments and legal costs; earnings per share came in at a fraction of a penny before paying preferred dividends, better than the loss expected by analysts, but down from 56 cents a year earlier.Citigroup pushed 1.5 percent higher, a day after chief executive Vikram Pandit abruptly resigned as reports described a board that was no longer satisfied with his performance.Wells Fargo Bank meanwhile gained 2.6 percent.Trade was also busy in real estate investment trust HCP, losing 2.7 percent after reporting a 4.8 percent drop in revenue, mainly due to a fall in rental income.US bond prices fell. The 10-year Treasury yield rose to 1.77 percent from 1.72 percent Tuesday, while the 30-year rose to 2.96 percent from 2.91 percent.Bond prices move inversely to yields.
