Earnings Fuel Stocks Higher, Apple Revenue Beats Street

U.S. stocks rallied on Tuesday following strong earnings across a range of U.S. industries. The Dow Jones Industrial Average gained 152.29 points, or 1.05%, to 14,719.46. The S&P 500 index rose 16.28 points, or 1.04%, to 1,578.78. The Nasdaq Composite added 35.78 points, or 1.11%, to 3,269.33.

Apple Inc. (AAPL) reported an 18% drop in earnings for its second fiscal quarter on Tuesday afternoon. For the period ended March 30, Apple reported net income of $9.5 billion, or $10.09 per share, compared to net income of $11.6 billion, or $12.30 per share, for the same period last year. Revenue grew 11% to $43.6 billion.

AT&T Inc posted a decline in first-quarter revenue but added more wireless subscribers than expected, driven by sales of tablet computers with cellular connections.The No. 2 U.S. mobile service added 296,000 subscribers in the quarter compared with Wall Street expectations for just over 195,000. Its profit rose to $3.7 billion, or 67 cents per share, from $3.58 billion, or 60 cents per share, in the year-ago quarter.
Revenue fell to $31.36 billion from $31.82 billion in the year-ago quarter.

Chipmaker Broadcom (BRCM) posted first-quarter profit and revenue above expectations and its revenue forecast also topped estimates. Broadcom posted first-quarter revenue of $2.01 billion, up 9.7 from the year-ago period. It said revenue in the second quarter would be $2.10 billion, plus or minus 4 percent.

Biotech giant Amgen Inc.(AMGN) says its first-quarter profit rose 21 percent on higher sales of drugs to treat arthritis and osteoporosis. The company reported net income of $1.43 billion, or $1.88 per share, from $1.18 billion, or $1.48 per share, in the prior-year period. Adjusted earnings were $1.96 per share. Revenue rose 5 percent, to $4.24 billion.