Strong profits at General Electric have sent industrial stocks higher.
General Electric gained 7.1%, leading the 30 stocks that make up the Dow Jones industrial average. The conglomerate’s earnings rose 52% on growth in equipment orders and lending.
The company’s results helped send industrial companies in the Standard and Poor’s 500 index up 1.2%. 3M, another industrial conglomerate, gained 1.4% and Textron rose 2.2%.
The Dow rose 49.04 points, or 0.4%, to close at 11,871.84.
Bank of America lost 2%, making it the weakest Dow stock. The country’s largest bank reported a 1.6 billion dollar loss in the fourth quarter after setting aside more money to buy back faulty home loans from investors.
The Standard & Poor’s 500 index gained 3.09 points, or 0.2%, to 1,283.35.
Technology companies in the S&P 500 fell 0.3%, the worst of any of the 10 company groups that make up the index. Apple lost 1.8% and Microsoft fell 1.2%, while the technology-focused Nasdaq composite index slid 14.75 points, or 0.5%, to 2,698.54.
Chip maker Advanced Micro Devices sank 6%. AMD’s fourth-quarter profit shrank compared with a year ago, when a big legal settlement it won from arch-rival chip maker Intel lifted its earnings.
Google reported a 29% rise in income after the market closed yesterday. The internet search giant said that co-founder Larry Page will take over as chief executive, replacing Eric Schmidt. Google’s stock fell 2.4%.
Bond prices rose slightly, sending their yields down to 3.41% from 3.43%, while rising and falling shares were about even on the New York Stock Exchange. Volume came to 1.3 billion shares.