US STOCKS-Wall St rallies after 2-day drop, with focus on earnings

martes 13 de enero de 2015 12:30 GYT
 

* Alcoa erases early gains after earnings

* Oil falls near 6-year low

* Indexes up: Dow 1.35 pct, S&P 1.18 pct, Nasdaq 1.69 pct (Updates to late morning)

By Chuck Mikolajczak

NEW YORK, Jan 13 (Reuters) - U.S. stocks rallied on Tuesday to rebound from a two-day decline as investors shrugged off another decline in oil prices and shifted attention to corporate earnings season.

Alcoa Inc reported a higher-than-expected quarterly profit due to automotive demand, higher aluminum prices and lower energy costs. The stock climbed as high as $16.52 before paring gains, and was last down 1.6 percent to $15.91.

Gains were broad, with each of the 10 major S&P sectors in positive territory. The S&P technology sector led the advance with a 1.8 percent gain.

The benchmark S&P index has fallen in seven of the prior nine sessions and is down about 1.8 percent from its most recent record high on Dec. 29.

"We have reached a point over the last two weeks where investors are not only eager for earnings season because of its fourth-quarter focus, but they are also eager for the guidance forward which has largely evaporated in this cloud of the oil trade," said Peter Kenny, chief market strategist at Clearpool Group in New York.   Continuación...