General Electric posted a solid quarterly report which boosted the markets as bargain hunters snapped up shares battered by yesterday's selloff. The Dow surged 120 points to 12,280 while Nasdaq leaped 23 points to 2370.
On the upside
General Electric (NYSE: GE) posted higher revenues and earnings due to strong global demand for its products while reaffirming its outlook for 2008.
IBM (NYSE: IBM), living up to the international part of its name, boosted its outlook for 2008 citing strong global demand amid the economic uncertainty in the United States.
Shares of Johnson Controls (NYSE: JCI) edged higher after the building and auto systems maker posted sharply higher 1st quarter profits.
On the downside
Wireless phone company Sprint Nextel (NYSE: S) announced job cuts and store closings aimed at cutting expenses. Shares tumbled to a new 52-week low.
Schlumberger (NYSE: SLB) posted higher profits, but a cautious outlook for 2008 rattled investors.
Shares of Amcol International (NYSE: ACO) fell after the specialty minerals and mining company reported lower profits due to higher expenses and taxes.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 686.