* Robust results give shot in arm to quarter
* Intel, Yahoo, United Technologies among big gainers
* Existing home sales top expectations
* Indexes up: Dow 1.4 pct, S&P 1.2 pct, Nasdaq 1.8 pct
* For up-to-the-minute market news see []
(Updates to afternoon trading)
By Ryan Vlastelica
NEW YORK, April 20 (Reuters) - Strong profits and outlooks
from tech and manufacturing companies propelled U.S. stocks
higher on Wednesday, delivering the biggest lift to sentiment
since quarterly earnings reports began a week ago.
Leading the broad rally were Intel Corp <INTC.O>, the most
actively traded stock on the Nasdaq, and United Technologies
Corp <UTX.N>, Dow components that gave strong outlooks.
Chipmaker Intel forecast second-quarter sales well above
analyst expectations while United Tech raised its full-year
profit view. For details, see [] and
[]
Shares of Intel rose 6.5 percent to $21.14 and was the
biggest percentage gainer on the Dow, followed by United Tech,
up 4.3 percent to $85.94.
The Semiconductor Holders ETF <SMH.P> rose 3.8 percent
while the PHLX Semiconductor index <.SOX> jumped 3.4 percent,
the largest percentage move in seven months.
"It isn't just the good reports, but also the encouraging
comments about how things look for the remainder of the year,"
said Mark Luschini, chief investment strategist at Janney
Montgomery Scott in Philadelphia.
"This is a testament to the strength of earnings we can
expect to come out from here, and a marked contrast to what
we've seen so far of results that weren't so disproportionately
good," added Luschini, who helps oversee $53 billion and owns
Intel.
Apple Inc <AAPL.O> is scheduled to report after the
market's close. Its stock rose 2.1 percent to $344.93. The tech
company is expected to post stronger profit and revenue.
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To see a graphic on S&P earnings revisions:
http://r.reuters.com/tuc29r
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About 78 percent of companies traded on the New York Stock
Exchange were in positive territory while 70 percent of the
Nasdaq rose. The S&P information technology group <.GSPT> led
the index, rising 2.2 percent.
The Dow Jones industrial average <> was up 173.47
points, or 1.41 percent, at 12,440.22. The Standard & Poor's
500 Index <.SPX> was up 15.90 points, or 1.21 percent, at
1,328.52. The Nasdaq Composite Index <> was up 49.91
points, or 1.82 percent, at 2,794.88.
Sales of previously owned U.S. homes rose more than
expected in March, a trade group said on Wednesday, suggesting
the housing market's downward trend may be close to hitting a
bottom. []
"This is obviously an encouraging number, and it suggests
that we're beginning to see the sputtering of the uptrend in
the housing cycle," said Richard Bernstein, chief executive
officer of Richard Bernstein Capital Management in New York.
The PHLX housing sector <.HGX> index rose 1 percent.
Homebuilder D.R. Horton Inc <DHI.N> added 2 percent to $12.05.
Among companies adding to the positive tone were Yahoo Inc
<YHOO.O>, VMware Inc <VMW.N>, Freeport-McMoRan Copper & Gold
<FCX.N> and EMC Corp <EMC.N>, which also raised its profit
view. []
On the downside, International Business Machines Corp
<IBM.N> slipped 0.4 percent to $164.76 after reporting a drop
in signings of new business at its global services division
during the first quarter. However, the Dow component's profit
and revenue came in above analysts' projections and it raised
its full-year profit view. []
Textron Inc <TXT.N> reported a first-quarter profit that
missed expectations and the stock fell 2.5 percent to $25.13.
[]
(Editing by Kenneth Barry)
