Dow posts modest gain as glow from Apple results fades

NEW YORK (AP) — The stock market posted only modest gains Wednesday after the glow of strong results at Apple Inc. and a few other companies faded.

The Dow rose 7.86. or 0.1 percent. to 11.124.92. The broaderStandard & Poor’s 500 index slipped 1.23 or 0.1 percent to 1,205.94. The Nasdaq composite index rose 4.30, or 0.2 percent to 2,504.61.

The Dow Jones industrial average rose about eight points, while broader indexes were mixed.

Technology and Industrial shares drew buyers after Apple Inc. and Boeing Co. delivered results that easily beat expectations. Analysts caution that investors are starting to become accustomed to better earnings and even good news profits might not bush the market higher.

This market is overbought and it really does need a little bit of a pullback. We’re priced for perfection, said Burt White, chief investment officer for LPL financial in Boston.

Apple’s earnings blew past analysts forecasts thanks to strong sales of iPhones. Apple was the latest in a string of technology companies to report improving profits as the economy recovers. Intel Corp. and IBM Corp. also posted stronger sales and profits.

Industrial stocks rose after Boeing’s first quarter profit was stronger than expected and the aircraft maker said it plans to deliver its 787 by the end of the year. The stock rose four percent. United Technologies Corp.’s profit jumped and the parent of Otis elevators and Sikorsky Aircraft raised the lower end of its profit forecast.

Economic concerns eclipsed some of investors’ enthusiasm over the improved earnings.

Traders grew cautious after Greece’s borrowing costs jumped to record highs. Government officials in the debt-strapped country have begun discussions about the terms of a bailout plan from other eurozone countries and the International Monetary Fund. There is concerns that debt problems in Greece could spill over to other countries and jeopardize a recovery.