* UTX shares hit all-time high and lift the Dow industrials
* Biotech drags on the healthcare sector
* Apple's stock falls 1 pct, earnings due after the closing
* Dow up 0.3 pct; S&P 500 off 0.03 pct; Nasdaq down 0.4 pct
By Alison Griswold
NEW YORK, July 23 The Dow industrials and the
S&P 500 kept close to record intraday highs on Tuesday in a
tight trading range, with healthy earnings from United
Technologies bolstering the blue-chip Dow.
Biotech and tech shares weighed on the S&P 500 and the
Nasdaq, with the S&P biotech subindex falling 1.8
percent a day after hitting an all-time high. The S&P consumer
staples index slipped 0.2 percent and ranked among the
worst performers of the benchmark index's 10 industrial sectors.
Shares of United Technologies, the world's largest
maker of elevators and air conditioners, hit an all-time
intraday high of $105.63 after the company reported a
better-than-expected quarterly profit and raised the low end of
its 2013 earnings forecast. In late afternoon
trading, the stock was up 3 percent at $105.16.
Shortly after the opening bell, the Dow Jones industrial
average climbed to an intraday record high of 15,604.22, while
the S&P 500 reached an all-time intraday high of 1,698.78.
Tuesday's trading was marked by an extremely tight range, with
the Dow traveling only 60.16 points from its session low to its
intraday high. The S&P 500 moved just 7.65 points from its
record intraday high to its session low.
"Right now with the market moving sideways in a very tight
range, that's a very healthy scenario," said Adam Sarhan, chief
executive of Sarhan Capital in New York.
"We've got a nice move up, and the market's simply pausing
to digest that move and waiting for another catalyst to send
stocks to new high ground or to pull back a little bit."
If the S&P 500 ends Tuesday's session with a decline, it
would be only the second down day in the last 14 for the
benchmark index. The S&P 500 has gained nearly 19 percent so far
The Dow Jones Industrial Average rose 45.63 points,
or 0.29 percent, to 15,591.18. The Standard & Poor's 500 Index
edged down just 0.46 of a point, or 0.03 percent, to
1,695.07. The Nasdaq Composite Index fell 12.89 points,
or 0.36 percent, to 3,587.49.
Tech bellwether Apple Inc is scheduled to report
fiscal third-quarter results after the closing bell. Its stock,
however, is not expected to show a big swing after the earnings.
This could mean investors are under-hedged in case the company
delivers a shock.
The options market is pricing in a potential move up or down
of 4 percent to almost 5 percent in Apple's stock price
following the results - in line with a historic average move of
about 4.3 percent to 4.4 percent over the past four quarters.
Apple's stock was down 1.2 percent at $421.30 in late
afternoon trading, making it the biggest drag on both the Nasdaq
and the S&P 500.
Of the 130 companies in the S&P 500 that have reported
earnings so far this season, 63.8 percent have beaten analysts'
expectations, but 51.5 percent have fallen short of revenue
forecasts. Over the past four quarters, 67 percent of companies
have beaten earnings estimates.
Netflix Inc shares dropped 4.4 percent to $250.50 a
day after the movies and TV streaming service reported it had
gained new subscribers in the second quarter. The number of new
subscribers, though, was not enough to impress investors.
Elsewhere in the tech sector, Cisco Systems said it
will buy software maker Sourcefire Inc for about $2.7
billion to increase its network security services. Sourcefire
shares surged 27.8 percent to $75.49. In comparison, Cisco's
stock was down 0.3 percent at $25.64.
Shares of Phillips 66 Partners shot up 30.8 percent
to $30.08 in their first day of trading. The initial public
offering of 16.4 million shares was priced at $23 per share. The
new publicly traded partnership has a contractual relationship
with Phillips 66, whose shares rose 2.8 percent to