by Marc Bastow | January 29, 2013 5:43 pm
[1]Stocks started out Tuesday in a bit of a muddled mess, but managed to climb ahead thanks to decent economic data and corporate earnings.
The Dow neared 14,000, finishing up 0.52% at 13,954.42, while the S&P kept its head above the magic 1,500 mark, closing up 0.51% at 1,507.84. Held back by weakness in tech stocks, the Nasdaq was down fractionally to 3,153.66.
Pharmaceutical companies stole the show on the day as Pfizer (NYSE:PFE[2]) shares rose over 3% — the biggest gain in the Dow — and touched a 52-week high on better-than-anticipated quarterly numbers. Sector-mate Eli Lilly (NYSE:LLY[3], 3.19%) also touched its 52-week high on similar strong earnings news.
The Case-Shiller 20-city home price index beat expectations[4], and the news was good enough to lift shares of homebuilder D.R. Horton (NYSE:DHI[5]) up almost 12%, while Hovnanian (NYSE:HOV[6], +4.05%) and M/I Homes (NYSE:MHO[7], +3.60%) also found upward momentum.
The tech sector saw an up and down day, as Apple (NASDAQ:AAPL[8]) gained nearly 2% after announcing a new iPad with more storage. Going the other way was Yahoo! (NASDAQ:YHOO[9]), which saw shares rise early but end down 3% on the day after investors digested the news[10] offered by CEO Marissa Mayer late Tuesday.
VMWare (NSYE:VMW[11]) dropped nearly 22% after the company lowered its 2013 guidance and announced a strategic restructuring[12], while Hewlett-Packard (NYSE:HPQ[13]) fell over 3% — the biggest loser on the Dow.
Amazon (NASDAQ:AMZN[14]) fell nearly 5% on the day but rallied over 8% in after-hours trading despite missing Q4 estimates by 6 cents per share and lowering guidance on revenue and earnings for Q1 2013.
Ford (NYSE:F[15]) proved to be an anchor on the S&P despite posting higher fourth-quarter income and sales[16], boosted by strong results in North America. Worse-than-expected sales in Europe dropped the shares almost 5% on the day.
Finally, retailer J.C. Penney (NYSE:JCP[17]) saw its shares soar over 9% on news that … wait for it … it will resume its prior discounting model[18] and keep Martha Stewart’s product lineup[19] out of its stores thanks to legal problems.
Earnings notables for Wednesday include Boeing (NYSE:BA[20]), Facebook (NASDAQ:FB[21]) and ConocoPhillips (NYSE:COP[22]).
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL and YHOO.
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