US STOCKS-Upbeat earnings boost Wall Street
* Dow member United Tech rises after upbeat results
* Twitter soars in heavy trading after Q1 revenue beats est
* Lockheed Martin jump after raising 2019 profit forecast
* Indexes up: Dow 0.17%, S&P 0.26%, Nasdaq 0.52% (Updates to open)
By Sruthi Shankar
April 23 (Reuters) - U.S. stocks edged higher on Tuesday, asupbeat results from Coca-Cola, Twitter and a host of industrialcompanies allayed investor concerns about slowing profits.
Wall Street's main indexes hovered below record levels as investors wait to see if results from major companies easeconcerns about an earnings recession.
Among the biggest boosts to the S&P 500 was Twitter IncTWTR.N which surged 13.6%, touching a near nine-month high,after posting better-than-expected quarterly revenue and asurprise rise in monthly active users. urn:newsml:reuters.com:*:nL3N2252Q6
Coca-Cola CoKO.N rose 2.6% after its quarterly sales beatestimates. urn:newsml:reuters.com:*:nL3N2252MF
Profits at S&P 500 companies are expected to decline 1.7% inthe first quarter, in what could be the first earningscontraction since 2016. However, forecasts have improvedslightly since the start of April.
"Nobody is quite sure what the earnings are going to looklike and a lot of analysts have lowered expectations," said MarkGrant, chief global strategist at B. Riley FBR Inc.
"So we may get some kind of a pop as people realize thatthings aren't quite as bad as they feared."
At 9:59 a.m. ET the Dow Jones Industrial Average .DJI wasup 45.80 points, or 0.17%, at 26,556.85, the S&P 500 .SPX wasup 7.65 points, or 0.26%, at 2,915.62 and the Nasdaq Composite .IXIC was up 41.37 points, or 0.52%, at 8,056.63.
Seven of the 11 major S&P sectors were higher, withtechnology sector's .SPLRCT 0.6% gain providing the biggestboost.
Microsoft CorpMSFT.O , set to report later this week, rose0.9%, while Qualcomm IncQCOM.O gained 2.7% after MorganStanley upgraded the chipmaker to "overweight" from"equal-weight".
Industrial stocks got a lift from gains in aerospacesupplier United Technologies CorpUTX.N and weapons makerLockheed Martin CorpLMT.N after both the companies raisedfull-year profit forecasts. urn:newsml:reuters.com:*:nL3N2252M0urn:newsml:reuters.com:*:nL3N2252U5
Walt Disney CoDIS.N rose 1.6% ahead of the worldwiderelease of "Avengers: Endgame", which is set to hit theatersaround the globe on Wednesday.
Among decliners, Procter & Gamble CoPG.N fell 3.2% afterits quarterly EBIT margin missed estimates, despite reportingbetter-than-expected quarterly results. urn:newsml:reuters.com:*:nL3N2252OY
Advancing issues outnumbered decliners for a 1.53-to-1 ratioon the NYSE and a 1.45-to-1 ratio on the Nasdaq.
The S&P index recorded 25 new 52-week highs and 3 new lows,while the Nasdaq recorded 38 new highs and 24 new lows. (Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru;Editing by Anil D'Silva and Shounak Dasgupta) ((email@example.com; within U.S. +1 646 2238780; outside U.S. +91 80 6749 6328; Reuters Messaging:firstname.lastname@example.org))
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