By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose Wednesday as
lawmakers voted to extend the nation's borrowing limit and after
earnings from Google Inc. and International Business Machines Corp.
beat estimates.
"The market is in a remarkably resilient mood to go higher,"
said Randy Frederick, managing director of active trading and
derivatives at the Schwab Center for Financial Research.
The market's moves depend "on some of these big earnings
reports, but honestly, with them making a little progress on the
debt-ceiling issue, or at least kicking it out [until May], that
removes one speed bump here," Frederick said.
The Republican-controlled House of Representatives was voting
Wednesday afternoon on a measure putting off the government's $16.4
trillion debt limit until May 16, at which point, the ceiling would
increase to the amount the Treasury borrows.
Lawmakers face a March 1 deadline before automatic spending cuts
begin and until March 31 to approve legislation to finance the
government.
The Dow Jones Industrial Average (DJI) rose 69.56 points, or
0.5%, to 13,781.77, with IBM (IBM) leading the gains that included
13 of its 30 components.
IBM late Tuesday projected better-than-expected 2013 results,
helping allay worries about the technology sector that came on
Intel Corp.'s (INTC) soft forecast last week.
The S&P 500 index (US-S) added 1.5 point, or 0.1%, to
1,494.06, with technology the strongest performer and utilities the
worst of its 10 major sectors. and
Advanced Micro Devices Inc. (AMD) leapt nearly 11% after
reporting revenue that topped estimates.
Google (GOOG) shares rallied 6.4% a day after the online-search
engine reported better-than-estimated revenue.
Apple Inc. (AAPL) reports earnings after Wednesday's close. The
iPhone maker accounts for 3.6% of the S&P 500 and 10% of the
Nasdaq Composite.
Coach Inc. (COH) shares fell 15% after the luxury handbag maker
reported profit below estimates.
The Dow and the S&P 500 ended at five-year highs on Tuesday,
with the S&P 500 within reach of the psychologically important
1,500 level, and not far from its closing high of 1,565.15 hit on
Oct. 9, 2007.
The Nasdaq Composite (RIXF) added 11.50 points, or 0.4%, to
3,154.67.
For every four stocks advancing five fell on the New York Stock
Exchange, where 312 million shares traded as of 1:15 p.m.
Eastern.
Composite volume topped 1.2 billion.
The Federal Housing Finance Agency reported Wednesday U.S. home
prices gained 5.6% in the 12 months through November.
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