* Amazon.com, Yahoo shares up as Internet stocks rebound
* Earnings get under way; Alcoa to report after bell
* Indexes: Dow flat; S&P up 0.3 pct, Nasdaq up 0.7 pct
By Angela Moon
NEW YORK, April 8 U.S. stocks mostly rose on
Tuesday, rebounding after three days of declines, as investors
bought beaten-down shares of social media and Internet
The day's biggest gainers included Amazon.com Inc
up 2.6 percent at $326.14, Yahoo! Inc up 2.8 percent at
$34.02, and LinkedIn Corp rose 5.5 percent to $168.38.
The Global X social media index rose 2.4 percent to
But blue chips, which had been outperforming the broader
market for several days, turned lower in afternoon trading, led
by financial stocks. Goldman Sachs Group was down 1.6
percent at $155.99 and JPMorgan Chase off 0.5 percent at
Biotechnology stocks were seesawing between gains and
losses. The Nasdaq biotechnology index was last down 0.5
percent at 2,356. Gilead Sciences Inc was among the
biggest decliners on the S&P 500, down 3.2 percent at $69.95.
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 Dow Jones industrial average fell 3.79 points or
0.02 percent, to 16,242.08, the S&P 500 gained 4.74
points or 0.26 percent, to 1,849.78 and the Nasdaq Composite
added 27.92 points or 0.68 percent, to 4,107.672.
The benchmark S&P index rebounded on Tuesday and was above
its 50-day moving average around 1,840, a key support level. It
has managed to stay above 1,840 several times over the past
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.
Companies across America are blaming the brutal winter for
weak first-quarter results, but investors are expecting a quick
rebound in the second quarter.
Gigamon Inc slumped 31 percent to $18.08. The maker
of network traffic management software estimated
lower-than-expected first-quarter revenue.
Alkermes Plc was a bright spot among biotechs, up
3.1 percent to $42.35 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)