By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks trimmed opening gains on
Tuesday, as investors weighed better-than-expected earnings from
Merck & Co. Inc. and Sprint Corp. against mildly disappointing
economic reports.
Consumer confidence dipped slightly in April, coming in below
economists' forecasts. Separately, U.S. home-price growth slowed in
February for the fourth consecutive month.
The S&P 500 (SPX) were 6 points, or 0.3%, higher at
1,875.64. The Dow Jones Industrial Average (DJI) rose 69 points, or
0.4%, to 16,517.27. The Nasdaq Composite (RIXF) gained 10 points,
or 0.3%, to 4,085.40.
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action.
In earnings news, Sprint Corp. (S) shares rallied 6.1% after the
company posted a smaller-than-expected loss in the first
quarter.
Merck & Co. (MRK) rose 3.3% after it reported adjusted
earnings of 88 cents a share, beating analysts estimate for 79
cents a share, in the first quarter.
Coach Inc. (COH) shares fell 8.9% after the luxury-goods
retailer reported weak North American sales.
Shares of Archer Daniels Midland Co. (ADM) dropped 2.9% after
the company's first-quarter profit and sales missed analysts'
forecasts.
Shares of Amicus Therapeutics Inc. (FOLD) soared 24% to $2.29
after the company announced positive data in a study of a drug to
treat patients with Fabry disease.
After the closing bell, Twitter Inc. (TWTR) and eBay Inc. (EBAY)
are scheduled to report quarterly results.
Gogo Inc. (GOGO) shares slid 22% after AT&T Inc. (T)said
Monday it would launch in-flight, high-speed Internet service on
airlines, competing with the company. The slide triggered the short
sale circuit breaker on the Nasdaq OMX exchange.
In overseas markets, European markets were higher after an
easing in geopolitical tensions between Russia and the West. Late
Monday, Moscow assured Washington that it won't invade Ukraine,
while reports said Russian troops had left the Ukrainian border and
returned to their base. Asia markets closed mixed.
In other financial markets, most metals (GCM4) declined, while
oil prices (CLM4) advanced.
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