* Ford, 3M, UPS all rise after beating expectations
* Coca-Cola, U.S. Steel among day's few disappointments
* April U.S. consumer confidence rises
* Fed meeting, news conference market's next focus
* Dow up 0.9 pct, S&P up 0.9 pct, Nasdaq up 0.7 pct
* For up-to-the-minute market news see STXNEWS/US
(Updates to afternoon trading, changes byline)
By Ryan Vlastelica
NEW YORK, April 26 (Reuters) - Wall Street rallied and the
S&P 500 hit its highest level since June 2008 on Tuesday as a
flood of positive corporate results added to increasing
optimism about the economic growth outlook.
Ford Motor Co <F.N>, 3M Co <MMM.N> and United Parcel
Services Inc <UPS.N> were among the bellwether names to
impress, continuing a string of better-than-expected results.
3M and UPS also raised their full-year profit outlooks,
contributing to the bullish sentiment. For details, see
[]
Shares of 3M, a Dow component, rose 2.2 percent to $96.22
while UPS was up 1.2 percent at $74.52. Ford advanced 2.5
percent to $15.92.
"The very positive outlooks from today means things look
very bright going forward," said Peter Andersen, portfolio
manager of the Boston-based Congress Asset Management.
"I was frankly delighted with Ford's results, and the
market is taking some of its cue from the strength there,"
added Andersen, who helps manage $7 billion and owns Ford.
Though 73 percent of New York Stock Exchange issues were
in positive territory, there were some disappointments.
Coca-Cola Co <KO.N> fell 1.7 percent to $66.61 and was the
Dow's biggest loser after its results were hurt by lost
Japanese revenue. U.S. Steel Corp <X.N> and Netflix Inc
<NFLX.O> also fell after results.
The Dow Jones industrial average <> was up 108.83
points, or 0.87 percent, at 12,588.71. The Standard & Poor's
500 Index <.SPX> was up 11.55 points, or 0.87 percent, at
1,346/80. The Nasdaq Composite Index <> was up 20.85
points, or 0.74 percent, at 2,846.73.
The three major U.S. stock indexes hit highs for the year,
and the Nasdaq was at its highest since late 2007, erasing
losses after a drop in February. But some caution remained a
day before a press conference by U.S. Federal Reserve Chairman
Ben Bernanke.
The conference follows the Fed's last policy statement
before it is expected to stop its quantitative easing program
at the end of June. Investors have concerns that the end of
that program could remove support for buying stocks.
Trading volume was weaker than average, with 3.94 billion
shares traded on the New York Stock Exchange, the American
Stock Exchange and Nasdaq as of 1 p.m. EST.
"There's some apprehension about what to expect," Andersen
said. "People are anxious to reinvest in equity markets, but
they're tentative about the Fed, which is why you've been
seeing such low volume lately."
U.S. consumer confidence rose in April as inflation
expectations eased somewhat and consumers felt better about
the short-term outlook, according to a private-sector report.
The data helped ease concerns that the recent rise in oil
prices have started to hit shoppers. []
(Reporting by Ryan Vlastelica; Editing by Jan Paschal)
