* 3M beats profit view, raises 2009 revenue forecast
* June existing homes sales rise for third month in a row
* Dow industrials average breaks 9,000 mark
* For up-to-the-minute market news click []
(Updates prices, adds home sales data, changes quote)
By Rodrigo Campos
NEW YORK, July 23 (Reuters) - U.S. stocks rose on Thursday,
with the Dow industrials breaking the key 9,000 mark, as
investors saw strong quarterly results, including from 3M Co
<MMM.N>, and improving home sales data as signs the economy is
stabilizing.
The market extended its earnings-fueled early gains after
data showed sales of used homes rose in June, making it the
first time since 2004 that measure rose three months in a row.
The Dow Jones home construction index <.DJUSHB> rallied more
than 4 percent.
Results from bellwethers including AT&T Inc <T.N> on
Thursday and eBay Inc <EBAY.O> a day earlier ignited a rally
that took the S&P 500 index to its highest level in 2009.
"The news came out as positive as one could have hoped for.
There is no reason to sell based on the news today," said Eric
Kuby, chief investment officer at North Star Investment
Management Corp in Chicago.
"The market likes almost all news this morning. The trend
of earnings exceeding expectations continued, against a bar set
pretty low."
The Dow Jones industrial average <> rose 151.15 points,
or 1.70 percent, to 9,032.41. The Standard & Poor's 500 Index
<.SPX> added 17.70 points, or 1.86 percent, to 971.77. The
Nasdaq Composite Index <> gained 34.91 points, or 1.81
percent, to 1,961.29.
The recent batch of corporate results has lifted stocks,
with the Nasdaq sealing on Wednesday an 11-day winning streak,
its longest such run since 1996. The Dow industrials rose on
Thursday above 9,000 points for the first time since January.
3M's shares rose 4 percent to $67.29, making it the top
boost to the Dow industrials, after the diversified
manufacturer handily beat Wall Street's profit expectations and
lifted its revenue outlook for 2009. []
Blue-chip AT&T posted a smaller-than-expected drop in
quarterly profit as strong sales of Apple Inc's <AAPL.O> iPhone
helped boost wireless subscriber growth, and its shares rose 4
percent to $25.84. []
Shares of eBay Inc jumped 10 percent to $21.40 after the
company's results beat market expectations. []
Bristol-Myers Squibb Co <BMY.N> shares gained 1.4 percent
to $20.60 after it reported second-quarter earnings above Wall
Street's forecast and raised its full-year 2009 earnings
forecast. [].
The company announced late on Wednesday it will buy
biotechnology company Medarex Inc <MEDX.O>, and Medarex shares
soared almost 90 percent.
Limiting the Dow industrial's gains, McDonald's Corp
<MCD.N> shares dropped 3.6 percent to $56.70 after the world's
largest hamburger chain posted a lower quarterly profit and
lower-than-expected sales. []
Shares of Moody's Corp <MCO.N> plunged 8 percent to $24.40
after Warren Buffett's Berkshire Hathaway Inc <BRKa.N> lowered
its stake in the credit ratings provider. []
Earlier on Thursday, U.S. government data showed claims for
jobless benefits rose last week, roughly in line with
expectations, while continuing claims for the previous week
edged lower.
Other companies expected to report quarterly earnings on
Thursday include Microsoft Corp <MSFT.O>, American Express Co
<AXP.N> and Amazon.com Inc <AMZN.O>.
(Editing by Padraic Cassidy)
