U.S. stocks fluctuated Tuesday as Wall Street continued to weigh mixed corporate earnings in the technology sector. Shares of Dow component International Business Machines Corp. (NYSE:IBM) dropped 5 percent Tuesday, a day after the technology company posted a 14 percent drop in revenue, driven by a strong U.S. dollar and weakness in hardware sales.
After falling roughly 80 points following the opening bell, the Dow reversed and gained as much as 36 points in morning trading after United Technologies Corporation (NYSE:UTX) jumped 4.5 percent, helping push the blue-chip index higher. The U.S. aerospace and building systems conglomerate beat earnings forecasts and announced plans to restructure company before the end of the year.
The Dow reversed again in midday trading to trade flat.
Five of the 10 sectors in the Standard & Poor’s 500 index traded lower, led by a 1 percent decline in healthcare stocks. The telecom sector rose roughly 1 percent after Verizon Communications Inc. (NYSE:VZ) topped Wall Street’s earnings estimates.
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