By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks edged higher on Tuesday
with the S&P 500 and Nasdaq set for the sixth-straight day of
gains.
A flurry of estimate-beating earnings from heavyweights such as
Lockheed Martin Corp. and Comcast Corp., as well as deal news in
the health-care sector, boosted sentiment.
At 10 a.m. Eastern investors will be able to get more data on
the housing market with the release of existing-home sales.
The S&P 500 (SPX) rose 2 points, or 0.1%, to 1,874.15,
extending its winning streak to the sixth session.
The Dow Jones Industrial Average (DJI) added 27 points, or 0.2%,
to 16,477.55.
The Nasdaq Composite (RIXF) rose 18 points, or 0.4%, to
4,140.51, helped by a 7% rally in Netflix, Inc.
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action.
Comcast, Lockheed Martin beat expectations; Allergan jumps
In earnings news, Comcast Corp. (CMCSA) shares climbed 2% after
the telecommunications company reported first-quarter earnings and
revenue ahead of analyst forecasts.
Lockheed Martin Corp. (LMT) advanced 0.5% after the aerospace
and defense firm raised its 2014 earnings guidance and posted a
rise in first-quarter profit.
Netflix, Inc (NFLX) shares rallied 7.3% after the
video-streaming company beat expectation for the first-quarter
results.
McDonald's Corp. (MCD) shares fell 0.5% after the company's
first-quarter results missed expectations. Earnings for the first
three months of the year fell, dragged by a decline in sales in the
U.S. amid fierce competition and consumers' growing appetite for
healthier foods.
Xerox Corp. (XRX) shares fell 1.8% after reporting a fall in the
first-quarter earnings as revenues continued to shrink. The company
trimmed its full-year adjusted earnings expectations.
In deal news, shares of Allergan Inc. (AGN) surged 15% after
Valeant Pharmaceuticals International Inc. (VRX) and activist
investor Bill Ackman joined forces and proposed a buyout of
Allergan. Valeant shares rose 6.1%.
After the closing bell, more companies are scheduled to report
earnings, including, AT&T (T) -- expected to report earnings of
70 cents a share in the first quarter, and Yum Brands (YUM) --
forecast to post earnings of 84 cents a share in the first quarter.
Yum Brands was downgraded to neutral from overweight at J.P. Morgan
on Monday.
In other financial markets, European stock indexes posted solid
gains on their first trading day after the Easter break amid
increasing deal activity in the pharma sector. Asian bourses closed
mixed. Meanwhile, oil declined and most metals prices moved
higher.
China's yuan (USDCNY) fell to a 14-month low as Beijing signaled
it could do more to push the currency lower.
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