US stocks : Dow up 0.5 pct
U.S. stocks advanced on Wednesday, with the S&P 500 inching up for a sixth day in a row, as stronger-than-expected profits at IBM and Google helped alleviate investor concerns about the tech sector.
IBM's and Google's earnings, released after Tuesday's close, come on the heels of stronger U.S. economic data, which have pushed the Dow and S&P 500 to five-year highs, and as worries about tackling the U.S. budget deficit have been put off for now.
Shares in IBM Corp, the world's largest technology services company, climbed 4.9 percent to $205.65, in their largest advance since July, providing the biggest boost to the Dow.
Also helping the tech sector was a 6.2 percent jump in Google Inc to $746.69. The Internet search company reported its core business outpaced expectations and revenue was higher than expected.
The S&P technology sector rose 1.3 percent.
Worries about the profit potential in the tech sector had grown on concerns of waning demand for Apple Inc's products and a weak outlook from Intel Corp last week.
"Company fundamentals are improving, but no one wants to be too aggressive. It's like we're waiting for another shoe to drop with earnings, but the shoe isn't dropping," said David Porter, managing partner at Baystate Financial in Boston.
LED maker Cree Inc jumped 22.8 percent to $41.11 after it forecast a higher-than-expected third-quarter profit, and reported results above analysts' estimates.
The Dow Jones industrial average rose 71.61 points or 0.52 percent, to 13,783.82, the S&P 500 gained 2.62 points or 0.18 percent, to 1,495.18 and the
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