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US stocks gain on strong profits
US stocks advanced on Tuesday as a rise in crude oil prices boosted energy shares and strong earnings reports from companies, including Sirius Satellite Radio Inc. and St. Paul Travelers Cos., offset worries about rising interest rates.
Shares of Exxon Mobil Corp. and ConocoPhillips both climbed more than 1 percent as U.S. crude oil prices rose above $74 a barrel on supply worries.
“We got a lot of earnings and so far so good,” said Jon Brorson, managing director of growth equities at Neuberger Berman. “The trend is going to be up, frankly, because the economy is chugging along, even with $74 dollar oil, amazingly” said Brorson.
The Dow Jones industrial average was up 29.29 points, or 0.26 percent, at 11,372.58. The Standard & Poor’s 500 Index was up 4.40 points, or 0.34 percent, at 1,309.59. The Nasdaq Composite Index was up 4.29 points, or 0.19 percent, at 2,309.08.
Strong earnings despite high oil prices</B>
Investor fears about rising interest rates were reignited on Monday after a report on CNBC television quoted Federal Reserve Chairman Ben Bernanke as saying some people had the incorrect impression that he was somewhat mild on inflation after congressional testimony last week.
But news of strong earnings despite higher interest rates and oil prices was helping stocks, analysts said.
St. Paul shares rose 4.6 percent to $45.38 after the company posted a higher-than-expected quarterly profit and raised its 2006 forecast.
Shares of Sirius advanced 7 percent to $4.95 on the Nasdaq after the company posted a narrower-than-expected quarterly loss.
Shares of Verizon Communications, one of the world’s largest telephone companies, rose nearly 1 percent to $33.10 after the company posted earnings slightly above estimates, excluding unusual items.—
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