The Dow and S&P 500 ended higher on Tuesday, helped by energy stocks and quarterly earnings reports that topped modest expectations following worries about a strong dollar. Shares of Exxon Mobil, Chevron and other energy companies followed crude higher after a forecast that US shale oil output in May would record its first monthly decline in more than four years. The S&P 500 energy index jumped 1.77 percent. Norfolk Southern Corp dropped 4.18 percent to USD 100.49 a day after it forecast a surprise drop in its first-quarter earnings and revenue. A strong dollar, cheap oil and poor weather in the eastern United States in recent months have investors bracing for a difficult March-quarter earnings season. First-quarter profits for S&P 500 companies are seen falling 2.9 percent, according to Thomson Reuters data. On Jan. 1, analysts had been looking for growth of 5.3 percent.
The Dow Jones industrial average rose 59.66 points, or 0.33 percent, to end at 18,036.7. The S&P 500 gained 3.41 points, or 0.16 percent, to 2,095.84 and the Nasdaq Composite dropped 10.96 points, or 0.22 percent, to 4,977.29, with Apple down 0.43 percent. After the bell, Intel Corp forecast revenue broadly in line with Wall Street's low expectations and signaled a hefty cut in capital expenditures this year, sending its shares up 2.6 percent. U.S. railroad CSX Corp reported a higher quarterly net profit and announced a USD 2 billion share repurchase program, sending its shares 3.43 percent higher in extended trade. During the regular session, Chevron's shares gained 2.2 percent and Exxon rose 1.5 percent. Nokia Oyj is in talks to buy Alcatel-Lucent SA, a deal that would combine the telecommunications industry's two weakest players. US shares of Nokia fell 4.09 percent to USD 7.96 while Alcatel rose 13.33 percent to USD 4.93.
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