* Robust results give bulls a shot in the arm
* Intel, United Tech among big gainers
* Dow up 1.5 pct, S&P up 1.4 pct, Nasdaq up 2.1 pct
* For up-to-the-minute market news see []
(Updates with results from Apple, American Express and F5)
By Rodrigo Campos and Ryan Vlastelica
NEW YORK, April 20 (Reuters) - Big earnings surprises gave
a positive turn to investor sentiment on Wednesday, propelling
U.S. stocks to their best day in a month and lifting the Dow
industrials to their highest in almost three years.
Investors had been set up for a series of disappointments
but got an unexpected treat from blue chips Intel Corp
<INTC.O> and United Technologies Corp <UTX.N>, sparking a
broad-based rally that puts equities on the path for more
gains in coming weeks.
The S&P 500 broke decidedly above its 20-day moving
average, setting a near-term target at 1,340, according to its
Bollinger bands chart, a technical indicator that tracks
momentum and volatility.
"Until yesterday, earnings were lackluster, not too
exciting, even disappointing," said Nick Kalivas, senior
equity index analyst at MF Global in Chicago. He said the last
round of reports "shifted the psychology quite
significantly."
Shares of Intel rose 7.8 percent to $21.41 while United
Tech gained 4.3 percent to $85.90. For details, see
[] and []
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For a graphic on S&P earnings http://r.reuters.com/tuc29r
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The trend of positive earnings continued after the
market's close, with Apple Inc <AAPL.O> up 2.7 percent at
$351.80 after a blowout quarter that surged past expectations.
Revenue for the tech giant rose 83 percent year-over-year.
[]
F5 Networks Inc <FFIV.O>, considered a momentum favorite
for investors, climbed 11 percent to $110.39 after its
second-quarter profit topped expectations and the company
forecast third-quarter earnings largely above estimates.
[]
Following the results, Nasdaq futures <NDc1> rose 0.7
percent.
On the downside, American Express Co <AXP.N> slid 1.3
percent to $46.40. While the Dow component's profit topped
expectations, expenses at the credit card company rose.
[]
During the regular session, companies adding to the
positive tone included VMware Inc <VMW.N>, Freeport-McMoRan
Copper & Gold <FCX.N> and EMC Corp <EMC.N> -- with EMC also
raising its profit view.
The Dow Jones industrial average <> gained 186.79
points, or 1.52 percent, to 12,453.54. The Standard & Poor's
500 <.SPX> rose 17.74 points, or 1.35 percent, to 1,330.36.
The Nasdaq Composite <> added 57.54 points, or 2.10
percent, to 2,802.51.
The Nasdaq posted its largest daily percentage gain since
October while the Dow hit its highest close since early June
2008. The broad S&P 500 had its best performance in a month.
The PHLX Semiconductor index <.SOX> jumped 4.3 percent,
the largest percentage gain since early July.
About 7.6 billion shares traded on the New York Stock
Exchange, NYSE Amex and Nasdaq, below last year's estimated
daily average of 8.47 billion.
Advancing stocks outnumbered declining ones on the NYSE by
a ratio of nearly 5 to 1, while on the Nasdaq, about 10 stocks
rose for every three that fell.
Sales of previously owned U.S. homes rose more than
expected in March, a trade group said on Wednesday, suggesting
the housing market's downward trend may be close to hitting a
bottom. []
The PHLX housing sector <.HGX> index rose 1.2 percent with
home builder D.R. Horton Inc <DHI.N> up 3 percent at $12.17.
On the downside, International Business Machines Corp
<IBM.N> slipped 0.4 percent to $164.75 after reporting a drop
in signings of new business at its global services division
during the first quarter. However, the Dow component's profit
and revenue came in above analysts' projections and it raised
its full-year profit view. []
(Reporting by Rodrigo Campos and Ryan Vlastelica; Editing by
Jan Paschal)
