* Wall Street coming off worst week of 2013
* Halliburton and Caterpillar rise after results
* Tech shares among day's strongest, Netflix soars
* Dow down 0.2 pct, S&P up 0.2 pct, Nasdaq up 0.5 pct
By Ryan Vlastelica
NEW YORK, April 22 U.S. stocks mostly rose on
Monday, reversing earlier declines on strength in technology
shares, while the energy and material sectors advanced on
Caterpillar Inc and Halliburton ranked among the S&P
500's biggest gainers after reporting results. Caterpillar was
pressured early in the session after cutting its 2013 outlook,
but rebounded after the company's chief executive said the
mining sector had hit a bottom. Caterpillar's stock gained 2.6
percent to $82.55.
Halliburton, the oil field services company, rose
4.9 percent to $39.02 after the company posted quarterly results
and said it is in talks to settle private claims against it in a
The day's biggest gainers were in cyclical sectors, groups
closely tied to the pace of economic growth. Last week, concerns
about growth sparked steep declines in cyclical equities.
"Ultimately, we think cyclical names will lead the market
higher, but in the short term, the decline could
continue," said Eric Green, senior portfolio manager at Penn
Capital Management in Philadelphia, who said that cyclical
stocks were oversold.
Microsoft Corp jumped 4.8 percent to $39 after CNBC
reported that ValueAct Capital had taken a $2 billion stake in
the company. Among other tech names, NetApp Inc
climbed 2.7 percent to $33.88 while Apple Inc
gained 1.3 percent to $395.44.
Netflix Inc was the S&P 500's top gainer, jumping
5.9 percent to $173.05 ahead of the company's results, which are
scheduled for release after the closing bell.
While most S&P 500 companies that have reported earnings so
far have topped analysts' expectations, a number of high-profile
disappointments have raised questions about whether the market's
steep run so far this year may be out of gas.
General Electric Co and McDonald's Corp both
fell for a fourth straight day, extending declines from Friday,
when both Dow components reported lackluster results. GE is down
more than 8 percent over the past four sessions and on Monday,
the stock fell 2.3 percent to $21.24. McDonald's lost 1 percent
to $98.93 on Monday afternoon.
"Weak corporate outlooks have added to the growth fears that
are making investors more risk averse," said Green, who helps
oversee $7 billion.
The Dow Jones industrial average was down 22.30
points, or 0.15 percent, at 14,525.21. The Standard & Poor's 500
Index was up 2.58 points, or 0.17 percent, at 1,557.83.
The Nasdaq Composite Index was up 16.19 points, or 0.50
percent, at 3,222.25.
Investors will be looking to the S&P 500's 50-day moving
average of 1,544.74, which could serve as a level of market
support. The index closed under that level for the first time
this year on Thursday, but rebounded above it on Friday.
The S&P 500 posted its worst week of 2013 last week, largely
on weak corporate earnings and signs of slowing growth from
China, which led to a steep drop in commodity prices. Last
week's decline fueled talk that the market's long anticipated
pullback had arrived, though the S&P 500 remains up 9 percent
for the year.
The CBOE Volatility Index jumped 24 percent last
week, the biggest weekly gain for the so-called fear index this
By early afternoon, though, the VIX had shifted gears,
slipping 0.7 percent to 14.86 - a reversal from its morning
gains of more than 2 percent.
With 104 S&P 500 components having reported results through
Friday, 67.3 percent of companies have topped profit
expectations, according to Thomson Reuters data. Analysts expect
earnings growth of 2.1 percent this quarter, up from
expectations of 1.5 percent at the start of the month.
The National Association of Realtors said existing home
sales slipped 0.6 percent last month to a seasonally adjusted
annual rate of 4.92 million units. Economists polled by Reuters
had expected home resales to rise to an annual rate of 5.01
Power-One Inc shares soared 56.9 percent to $6.34
in after ABB agreed to buy the company for about $1
CECO Environmental Corp agreed to buy Met-Pro Corp
for $210 million, driving Met-Pro shares up 38.9 percent
to $13.33. CECO fell 4.1 percent to $10.66.