- 13Sep
(Reuters) - Stocks rose on Tuesday led by big-cap technology shares, but continued uncertainty over how European leaders would alleviate Greece's simmering debt crisis capped gains.
Big-cap technology stocks Intel, Oracle and Apple led the market higher. Apple Inc (AAPL.O) gained 0.6 percent to $382.11, while Intel Corp (INTC.O) added 0.8 percent to $20.43, and Oracle Corp (ORCL.O) jumped 2 percent to $27.33.
Dividend-paying large-cap tech stocks are considered relatively safe from market uncertainty and risk.
Consumer staple shares were the biggest decliners, weighed by weak quarterly results from Best Buy, the consumer electronics chain. The S&P consumer staples index .GSPS fell 0.4 percent.
"The market can move up and down throughout the day but (the gains or losses) are not solid because of the amount of uncertainty in the market," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.
The Dow Jones industrial average .DJI was up 8.32 points, or 0.08 percent, at 11,069.44. The Standard & Poor's 500 Index .SPX added 4.89 points, or 0.42 percent, at 1,167.16. The Nasdaq Composite Index .IXIC rose 17.49 points, or 0.70 percent, at 2,512.58.
"The next level where we could see some solid move will be around 1,200 on the S&P, which we are quite far away from," said Pavlik.
Best Buy Co Inc (BBY.N) said quarterly sales were flat, missing estimates on weak demand for televisions, but the big consumer electronics chain stood by its fiscal-year revenue outlook. Its shares slid 7.7 percent to $23.08.
In the latest economic data, U.S. import prices fell in August due to lower fuel, food and industrial material costs, the Labor Department said.
German Chancellor Angela Merkel and President Nicolas Sarkozy were "determined to do what is necessary" and were "going to take action today," a French government source said, but Sarkozy's office denied a joint statement was planned.
Merkel sought to quash talk of an imminent Greek default, saying Europe was doing everything in its power to avoid a default.
(Reporting by Angela Moon; Editing by Jeffrey Benkoe)
The Carver news team is determined to keep you up to date with the latest business news from all around
the world. Carver PA Corporation is a multi-disciplinary company which provides a number of Industrial
Training programs, Consulting Services and Recruitment Services on a global scale.
