Intel, HP: Dow Midday Movers
NEW YORK (TheStreet) -- U.S. stocks finished with strong gains Wednesday as investors cheered the latest batch of earnings reports, sending the technology and capital goods sectors markedly higher.
The Dow Jones Industrial Average rose 103 points, or 0.81%, to close at 12,909. The blue-chip index has now risen in three of the past four sessions and is up 5.66% so far in 2012.
Breadth within the Dow was positive with 23 of the 30 components posting gains. Walt Disney(DIS) , a big gainer on Tuesday after receiving an upgrade from Bank of America Merrill Lynch, closed Wednesday flat.
Shares of Intel gained 3.27% to $26.21. Intel reported second-quarter earnings Tuesday that beat analysts' expectations but the No. 1 chipmaker lowered guidance.
The stock has now risen 8.08% year to date.
Microsoft shares increased 2.66% to $30.45. The software company is slated to report fourth-quarter earnings on Thursday. Analysts, on average, expect earnings of 62 cents a share on revenue of $18.11 billion.
The stock has gained 17.3% year to date.
Shares of IBM rose 2.5% to $188.25. After the close, Big Blue reported second-quarter earnings of $3.9 billion, or $3.51 a share, up from year-earlier earnings of $3.7 billion, or $3.09 a share. On average, analysts anticipated earnings of $3.42 a share.
IBM's stock has gained 2.38% year to date.
The biggest decliner in the index was Bank of America(BAC) . Shares dropped 4.92% to $7.53.
The bank saw mortgage claims jump 73% in the second quarter.
Disputes over mortgage-related securities have been a severe drag on bank earnings for nearly two years, but Bank of America has been by far the hardest hit.
Bank of America's stock has risen 35.43% year to date.
--Written by Alexandra Zendrian in New York.
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