Stocks edge higher as energy stocks rebound
Tuesday, April 23, 2013
NEW YORK (AP) — Investors remained cautious at the start of a big week for company earnings on Wall Street.
About a third of the companies in the Standard & Poor’s 500 index, including Exxon Mobil and Apple, are reporting earnings this week. Analysts currently expect earnings to rise by 2 percent in the first quarter, down from the 7.7 percent increase in the fourth quarter, according to S&P Capital IQ.
On Monday, the Dow Jones industrial average edged higher as energy stocks got a lift from recovering oil prices and investors focused on results from a key industry player.
The energy industry climbed 1 percent, making it the biggest gainer in the Standard & Poor’s 500 index. Oil rose 75 cents, or 0.9 percent, to $88.76 a barrel Monday.
The Dow rose 19.66 points, or 0.1 percent, to 14,567.17. The Standard & Poor’s 500 index closed up 7.25 points, or 0.5 percent, higher at 1,562.50.
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