NEW YORK (TheStreet) -- U.S. stocks finished Tuesday up after strong earnings and positive economic reports helped investors look past Federal Reserve Chairman Ben Bernanke staying mum about additional monetary stimulus during an appearance before Congress.
The Dow Jones Industrial Average gained 78 points, or 0.62%, to close at 12,805.54. Breadth was positive with 26 of the index's 30 components posting gains.
Shares of Walt Disney rose 3.11% to $49.35 after Bank of America Merrill Lynch upgraded the stock to buy from neutral and lifted its 12-month price target to $58 from $45."Despite healthy YTD performance, we believe DIS risk/reward is skewed favorably (upside potential is 2.4x greater than downside risk) heading into 2013," the firm said. "Our new $58 PO implies +21% upside potential and 15.6x CY13E P/E (conservative relative to historical premiums to the market), with substantial room to move higher given our Bull Case value of over $60 and BofAML Technical Analysis projecting similar (if not higher) potential." Disney's stock has risen 31.6% year to date. Pfizer shares increased 2.12% to $23.62. The stock hit a 52-week high Tuesday of $23.73. The stock has risen 9.15% year to date. Though not one of the biggest gainers, Coca-Cola shares rose 1.58% to $77.69. The beverage giant reported second-quarter net income on Tuesday of $2.79 billion, or $1.21 a share, compared with year-earlier earnings of $2.81 billion, or $1.20 a share. Analysts, on average, were expecting second-quarter profit of $1.19 a share. The stock has risen 11.03% year to date. --Written by Alexandra Zendrian in New York.
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