* Tiffany shares slide after earnings estimates
* Nokia ADRs rally after results
* Indexes up: Dow 0.3 pct, S&P 0.4 pct, Nasdaq flat
By Angela Moon
NEW YORK, Jan 10 U.S. stocks climbed on Thursday
on optimism about global growth spurred by
stronger-than-expected exports in China, the world's
second-biggest economy, though gains in the S&P 500 were capped
at a resistance level near a 5-year high.
Financial and energy stocks were the day's top gainers in
afternoon trading. The financial sector index rose 0.8
percent and the energy sector was up 0.6 percent.
The benchmark Standard & Poor's 500 index hovered near a
five-year closing peak of 1,466.47. On Friday, the index had
closed at its highest since December 2007.
"The market is technically right at the level of resistance,
near 1,465-1,467," said Randy Frederick, managing director of
active trading and derivatives at Charles Schwab.
"A solid breakthrough above the level would be the start of
a next leg higher, but it looks like it is going to be difficult
to break above that level for now," Frederick said, citing
concerns about the corporate earnings season and impending
negotiations over the U.S. debt ceiling.
By late morning, the S&P 500 had erased almost all its gains
from earlier Thursday in minutes. Some traders said the dip was
triggered by a trade in the options market that prompted a large
amount of S&P futures to hit the market at the same time,
sending the S&P 500 index down rapidly.
Data showed China's export growth rebounded sharply to a
seven-month high in December, a strong finish to the year after
seven straight quarters of slowdown.
The Dow Jones industrial average was up 36.20 points,
or 0.27 percent, at 13,426.71. The Standard & Poor's 500 Index
was up 5.11 points, or 0.35 percent, at 1,466.13. The
Nasdaq Composite Index was up 0.05 points, or 0.00
percent, at 3,105.86.
In company news, shares of upscale jeweler Tiffany
dropped 4.3 percent to $60.53 after it said earnings for the
year through Jan. 31 will be at the lower end of its forecast.
U.S.-traded Nokia shares jumped 18 percent to $4.42
after the Finnish handset maker said its fourth-quarter results
were better than expected and that the mobile phone business
achieved underlying profitability.
Herbalife Ltd stepped up its defense against
activist investor Bill Ackman, stressing it was a legitimate
company with a mission to improve nutrition and help public
health. The stock was down 2.4 percent at $39.15.
U.S. data showed claims for unemployment benefits rose last
week, though seasonal volatility made it difficult to get a
clear picture of the labor market's health.
Also, U.S. wholesale inventories rose more than expected in
November and sales rose by the most in more than 1-1/2 years.
The market's reaction to both reports was muted.