US STOCKS-Wall St gains after 2-day drop; tech shares rise
* Alcoa erases early gains after earnings
* Oil falls near 6-year low
* Indexes up: Dow 0.8 pct, S&P 0.6 pct, Nasdaq 1 pct (Updates to midday, changes byline)
By Caroline Valetkevitch
NEW YORK, Jan 13 (Reuters) - U.S. stocks rose on Tuesday after a two-day decline, helped by gains in technology shares.
But the market was well off its highs for the session, with shares of homebuilders falling broadly after KB Home forecast a drop in gross margins for the first quarter. Homebuilder stocks had been up earlier in the session, but KB Home was last down 13.7 percent, while a housing index was down 0.9 percent.
The S&P technology sector was among the day's best performers, with a 1.3 percent gain. Apple shares were up 2 percent and among the most actively traded on Nasdaq after Credit Suisse upgraded the stock to outperform, citing increased projections for iPhone sales in fiscal 2015 and 2016.
Alcoa Inc shares were last down 1.4 percent, also having reversed earlier gains. The company late Monday reported a higher-than-expected quarterly profit due to automotive demand, higher aluminum prices and lower energy costs.
The benchmark S&P index has fallen in seven of the prior nine sessions and is down about 2 percent from its most recent record high on Dec. 29. Continuación...