S&P 500 ends with slight gains; Dow down on earnings
Published on Jan 22, 2014 5:53 AM
NEW YORK (REUTERS) - United States (US) stocks mostly rose on Tuesday, with the S&P 500 snapping a two-session decline as the materials sector rallied, though the Dow fell on disappointing earnings by three of its components.
Trading was volatile, with the S&P fluctuating between positive and negative territory throughout the session, while the Dow moved between modest and solid losses and the Nasdaq swung between modest and strong gains.
The S&P materials index rose 0.6 per cent as one of the best performing major S&P indexes, led by a 6.6 per cent gain in Dow Chemical to US$45.93. Activist investor and hedge fund manager Daniel Loeb has taken a stake in the company and wants it to spin off its petrochemical arm.
In addition, Alcoa Inc jumped 6.8 per cent to US$12.13 following an upgrade to "overweight" from JPMorgan. The firm also lifted its price target on the aluminum company to US$15 from US$9.
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