S&P Sees Longest Winning Streak in Almost 6 Weeks; Tech Stocks Report Earnings

The S&P 500 hit a five-day high midday on Tuesday after recent optimism for the global economy. Stocks were also trading higher ahead of tomorrow's meeting among the House of Representatives for a vote on an extension of the US debt limit. The materials sector was led by Freeport-McMoRan (FCX), who beat expectations on Tuesday after reporting a Q4 profit that was 16% higher. Aside from this positive sentiment, disappointing news came from the housing industry after home sales reportedly dropped in December by 1%. Investors hope that this data does not cancel out recent momentum the sector has found over the past year or so.
After the bell numerous tech stocks released earnings - Google (GOOG) was trading 4% higher due to announcing a Q4 profit of $2.89 billion and IBM (IBM) saw shares gain 3.8% despite reporting a 1% drop in revenue.

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Published on Jan 22, 2013
By InvestorGuide Staff

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