* UTX shares hit all-time high and lift the Dow industrials
* Tech sector holds back the S&P 500 and the Nasdaq
* Apple's stock jumps on earnings after the bell
* Dow up 0.1 pct; S&P 500 off 0.2 pct; Nasdaq down 0.6 pct
By Alison Griswold
NEW YORK, July 23 The S&P 500 snapped a four-day
winning streak on Tuesday and pulled back from Monday's record
closing high, while healthy earnings from United Technologies
gave the Dow a slight lift.
Earnings, as a whole, though, were lukewarm and held back
the broader market.
Technology shares weighed on the S&P 500 and the Nasdaq.
Shares of Apple fell 1.7 percent to end at $418.99,
ahead of the company's earnings after the closing bell.
Apple's stock shot up 5.1 percent in extended-hours trading
after the tech bellwether reported slightly better-than-expected
fiscal third-quarter revenue of $35.3 billion on solid sales of
its flagship iPhone.
During the regular session, the S&P info tech index
slipped 0.5 percent to rank as the worst of the
benchmark index's 10 industrial sectors. Six of the 10 S&P 500
industry sector indexes declined.
Stronger-than-expected earnings from United Technologies
, the world's largest maker of elevators and air
conditioners, drove the company's stock to an all-time intraday
high of $105.63. The stock rose 3 percent to end at $105.12 and
led the Dow industrials' advance after the company raised the
low end of its 2013 earnings forecast.
Biotech shares also pulled down the S&P 500 and the Nasdaq.
The S&P biotech subindex fell 2.3 percent a day
after hitting an all-time high.
Stocks traded in a narrow range throughout the session, with
the benchmark S&P 500 moving just 7.65 points between a record
intraday high of 1,698.78 and a session low of 1,691.13. The
Dow's swing covered 60.16 points from its record intraday high
of 15,604.22, reached shortly after the opening bell, and its
session low of 15,544.06.
"The market doesn't have justification to back off from the
highs, but doesn't have enough of a catalyst to move it
significantly one way or another," said Art Hogan, managing
director of Lazard Capital Markets in New York.
"There's no one company reporting that tips over the cart."
The S&P 500's decline on Tuesday was only the second down
day for the benchmark index in the last 14. The S&P 500 has
gained 18.7 percent so far this year.
The Dow Jones Industrial Average rose 22.19 points,
or 0.14 percent, to end at 15,567.74. The Standard & Poor's 500
Index fell 3.14 points, or 0.19 percent, to 1,692.39. The
Nasdaq Composite Index dropped 21.11 points, or 0.59
percent, to close at 3,579.27.
Shares of The Travelers Cos Inc fell 3.8 percent to
$82.21 after the company said it would cut jobs and reduce
prices of auto insurance - steps investors viewed as an
indication that rates had risen too far and competition was
increasing. The company, a Dow component and the
first major insurer to report results, is seen as a bellwether
for the industry.
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 4.5 percent to $250.26 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 fell 0.6 percent to $25.56.
Shares of Phillips 66 Partners surged 29.1 percent
to close at $29.70 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 2.6
percent to $59.49.
Volume was below the daily average, with about 5.6 billion
shares changing hands on U.S. exchanges.
Advancers outnumbered decliners on the New York Stock
Exchange by a ratio of 17 to 13. On the Nasdaq, 13 stocks fell
for nearly every 12 that rose.