* Amazon.com, Yahoo shares up 3 pct on Internet rebound
* Earnings get under way; Alcoa to report after bell
* Indexes up: Dow 0.3 pct, S&P 0.4 pct, Nasdaq 1 pct
(Updates to late morning trade)
By Angela Moon
NEW YORK, April 8 U.S. stocks rose on Tuesday,
rebounding after three days of declines, as investors bought
beaten-down shares of social media and Internet companies.
The day's biggest gainers included Amazon.com Inc
up 2.3 percent at $324.99, Yahoo! Inc up 3 percent at
$34.05, and LinkedIn Corp rose 4.5 percent to $166.78.
The Global X social media index rose 3.1 percent to
Biotechnology stocks also reversed earlier losses, with the
Nasdaq biotechnology index up 0.2 percent at 2,372.38.
But Gilead Sciences Inc was among the biggest
decliners on the S&P 500, down 2.2 percent at $70.64.
The day's gains follow the S&P 500's biggest three-day
retreat since late January and the Nasdaq's steepest three-day
drop since November 2011.
"The put/call ratio for the SPDR S&P 500 ETF Trust
finished (Monday's) session at 2.4, which is near an
extreme-high level for 2014," said Bryan Sapp, senior trading
analyst at Schaeffer's Investment Research in Cincinnati, Ohio.
"This is a good quantification of near-extreme fear, and
previous readings around these levels have marked short-term
bottoms for the S&P 500."
The benchmark S&P index rebounded on Tuesday, above its
50-day moving average around 1,840, a support level which could
trigger more declines if convincingly broken. The index has
managed to stay above 1,840 several times over the past month.
The Dow Jones industrial average was up 47.10 points,
or 0.29 percent, at 16,292.97. The Standard & Poor's 500 Index
was up 7.86 points, or 0.43 percent, at 1,852.90. The
Nasdaq Composite Index was up 39.44 points, or 0.97
percent, at 4,119.20.
Earnings season gets under way this week, with results due
from companies including Alcoa Inc after the close and
retailer Bed, Bath & Beyond on Wednesday. Financials
JPMorgan Chase & Co and Wells Fargo & Co will
release results on Friday.
S&P 500 companies' first-quarter earnings are projected to
have increased just 1 percent from a year ago, Thomson Reuters
data showed. The forecast is down sharply from the start of the
year, when profit growth was estimated at 6.5 percent.
A lackluster first-quarter earnings season hurt by a harsh
winter could spark a pullback, some analysts said, with
investors expressing optimism for the second quarter as the
Takeda Pharmaceutical Co Ltd said it would contest
$6 billion in punitive damages imposed by a U.S. federal jury in
a case alleging Japan's largest drugmaker had concealed cancer
risks associated with its Actos diabetes drug. Eli Lilly and Co
, Takeda's co-defendant in the case, was ordered to pay
$3 billion in punitive damages.
Eli Lilly shares were up 0.4 percent at $58.84.
Gigamon Inc slumped 31.5 percent to $17.95. The
maker of network traffic management software estimated
lower-than-expected first-quarter revenue.
Alkermes Plc was a bright spot among biotechs, up
3.6 percent to $42.61 after the company said its experimental
drug to treat the symptoms of schizophrenia met the main goal in
a late-stage study.
(Editing by Nick Zieminski and Bernadette Baum)