* Monday's decline was S&P 500's biggest since November
* Dell to go private in $24.4 bln deal, shares rise 0.7
* Archer Daniels, Estee Lauder both up after results
* Indexes up: Dow 0.6 pct, S&P 0.6 pct, Nasdaq 0.4 pct
By Ryan Vlastelica
NEW YORK, Feb 5 U.S. stocks rose on Tuesday as
investors sought bargains following the market's worst daily
session since November and more companies reported results that
were stronger than expected.
Major stock indexes had dropped about 1 percent in Monday's
session, pressured by renewed worries over the euro zone's
sovereign debt crisis. Still, equities have been strong
performers recently, with the benchmark S&P 500 index up 4.9
percent for 2013.
Dell Inc agreed to go private in a $24.4 billion
deal that was widely expected. Shares of the computer maker rose
0.7 percent to $13.36 after a brief trading halt.
Wall Street has advanced on strong fourth-quarter earnings
and signs of improved economic growth, suggesting the market's
longer-term trend remains higher.
"Stocks are really the only place investors can go for any
kind of real return, and that's enough to have people continuing
to come into the market, not just buying on dips but in
general," said Thomas Nyheim, portfolio manager at Christiana
Trust in Greenville, Delaware.
Archer Daniels Midland reported revenue and adjusted
fourth-quarter earnings that beat expectations, boosted by
strong global demand for oilseeds. Shares rose 4 percent to
Estee Lauder Cos Inc gained 4.5 percent to $63.78
after reporting results.
According to Thomson Reuters data, of the 53 percent of S&P
500 companies that have reported earnings thus far, 69 percent
have beaten profit expectations, over the 62 percent average
since 1994 and the 65 percent average over the past four
Fourth-quarter earnings for S&P 500 companies are expected
to rise 4.5 percent, according to the data, above the 1.9
percent forecast at the start of earnings season, but well below
the 9.9 percent forecast on Oct. 1.
The Dow Jones industrial average was up 83.88 points,
or 0.60 percent, at 13,963.96. The Standard & Poor's 500 Index
was up 9.16 points, or 0.61 percent, at 1,504.87. The
Nasdaq Composite Index was up 10.80 points, or 0.35
percent, at 3,141.97.
At current levels, the S&P is less than 5 percent away from
its all-time intraday high of 1,576.09, reached in October 2011.
McGraw-Hill extended its Monday decline, slumping
7.1 percent to $46.68 as the U.S. Justice Department launched a
civil lawsuit against the company and its unit, Standard &
Poor's, over mortgage bond ratings. The action marks the first
such federal action against a credit rating agency related to
the recent financial crisis.
The stock has dropped more than 20 percent over the past two
U.S. shares of BP Plc rose 1.8 percent to $44.38
after the company reported earnings that beat expectations and
said underlying financial momentum would be "strongly evident"
The Institute for Supply Management's non-manufacturing
index was 55.2 in January, as expected and down slightly from
the previous month.