Most U.S. Stocks Rise, Led by Norfolk Southern as Coach Tumbles

Bloomberg, (23/01) -- Most U.S. stocks rose as investors assessed earnings from companies including Norfolk Southern Corp., Coach Inc., International Business Machines Corp.

Three stocks rose for every two that declined in the Standard & Poor’s 500 Index. The U.S. equity benchmark added less than 0.1 percent to 1,844.88 at 4 p.m. in New York. The Dow Jones Industrial Average lost 40.58 points, or 0.3 percent, to 16,373.86 for a second day of declines. Twenty-five companies in the S&P 500 including Northern Trust Corp., Netflix Inc. and EBay Inc. report earnings today. Of the 81 index members that have posted results so far this season, 70 percent have beaten estimates for profit and 64 percent have exceeded sales projections, according to data compiled by Bloomberg. Per-share profit for companies in the benchmark probably climbed 6 percent in the fourth quarter, while sales increased 2.2 percent, according to analysts surveyed by Bloomberg. A five-year rally that lifted the S&P 500 up more than 170 percent from a bear-market low has boosted equity valuations to near the highest level since 2009. The index trades at 15.6 times the estimated earnings of its members, more than the five-year average multiple of 14.1, data compiled by Bloomberg show.