* Ford, 3M, UPS fuel rally after beating forecasts
* Break above 1,344 for S&P 500 signals more gains
* Fed meeting, news conference market's next focus
* Dow up 0.9 pct, S&P up 0.9 pct, Nasdaq up 0.8 pct
* For up-to-the-minute market news see STXNEWS/US
(Adds Amazon earnings, updates volume)
By Chuck Mikolajczak
NEW YORK, April 26 (Reuters) - A fresh batch of corporate
results pushed U.S. stocks to their best levels since June
2008 on Tuesday, renewing optimism that profit growth will
remain resilient enough to keep equities on the rise.
The S&P 500 barreled through the 1,344 level, seen as a
key resistance point the benchmark index needed to surpass in
order to trigger further gains.
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. For
details, see [] [] []
"It is really from the multinationals that have been
reporting good numbers and speaking of good things to come --
these are big, big blue chips that are starting to see a
bright light," said Joseph Benanti, managing director at
Rosenblatt Securities in New York.
Shares of 3M, a Dow component, rose 1.9 percent to $95.94
while UPS was up 0.9 percent at $74.30. Ford advanced 0.7
percent to $15.66.
According to Thomson Reuters data, 35 percent of S&P 500
companies have reported earnings through Tuesday, with 76
percent exceeding analysts' expectations.
But there were some disappointments -- Coca-Cola Co <KO.N>
fell 1.2 percent to $66.93 and was the Dow's biggest drag
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 three major U.S. stock indexes hit fresh highs for the
year and the Nasdaq climbed to its highest level since October
2007. But some caution remained a day before a press
conference by U.S. Federal Reserve Chairman Ben Bernanke.
The Dow Jones industrial average <> rose 115.49
points, or 0.93 percent, at 12,595.37. The Standard & Poor's
500 Index <.SPX> gained 11.99 points, or 0.90 percent, at
1,347.24. The Nasdaq Composite Index <> climbed 21.66
points, or 0.77 percent, to end at 2,847.54.
FED AHEAD, AMAZON DIPS LATE
The press conference will follow 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.
After the closing bell, Amazon.com <AMZN.O> slipped 0.2
percent to $182 after the online retailer reported a drop in
profit for the first quarter as its investment in new
businesses ate into earnings. []
U.S. consumer confidence rose in April as inflation
expectations eased somewhat and consumers felt better about
the short-term outlook, according to a report from the
Conference Board, a private-sector group. The data helped ease
concerns that the recent rise in oil prices have started to
hit shoppers. []
Volume was tepid, with about 7.31 billion shares traded on
the New York Stock Exchange, NYSE Amex and Nasdaq, slightly
below the daily average of 7.73 billion.
Advancing stocks outnumbered declining ones on the NYSE by
2,188 to 837, while on the Nasdaq, advancers beat decliners
1,648 to 941.
(Reporting by Chuck Mikolajczak; Editing by Jan Pascha)
