NEW YORK — Strong earnings reports from big companies such as Apple and UnitedHealth Group lifted stocks across the market Thursday.
The Dow Jones industrial average closed at another 2011 high. The 30-company index rose 52.45 points, or 0.4 percent, to 12,505.99.
“There are a lot of concerns out there, but investors are looking at the bottom line right now, and that’s earnings,” said Yu-Dee Chang, the chief trader at ACE Investment Strategists, a money management firm based in Virginia.
The Standard & Poor’s 500 index gained 7.02, or 0.5 percent, to 1,337.38. The S&P 500, a benchmark for most mutual funds, is now less than 6 points from its highest close of 2011. The S&P gains were broad. All 10 company groups that make up the index rose, led by a nearly 1 percent gain in technology companies.
The Nasdaq composite rose 17.65 points, or 0.6 percent, to 2,820.16.
Apple rose nearly 3 percent after reporting sales and income late Wednesday that came in way ahead of analysts’ estimates. The company sold 18.7 million iPhones in the latest quarter, millions more than expected.
The commercial insurer Travelers rose nearly 4 percent, leading the 30 companies in the Dow average, after reporting stronger earnings and a 14 percent dividend increase. Travelers benefited from a drop in losses from catastrophe claims and more companies buying insurance.
UnitedHealth jumped 8 percent after the health insurer said profits rose 13 percent as more employees signed up for coverage.
The major indexes had lost the bulk of their early gains after a midmorning round of economic reports, including a gauge of manufacturing in the Philadelphia region that slipped in April to a five-month low. They recovered to end near highs of the day.
“Of the economic reports that came out today, the Philly Fed was the eye-opener; that number was just awful,” said Burt White, chief investment officer at LPL Financial.
But White added that Wall Street’s three-day winning streak can be chalked up to first-quarter earnings, with upbeat surprises returning to the 5 percent level not seen at the start of the season.
“We didn’t get that at the beginning,” said White, noting initial disappointments from Bank of America and Alcoa. “But in the last three days, we’re crushing it, with big earnings surprises to the upside.”
Markets are closed today for Good Friday.
Bloomberg News contributed to this report.
