Closing Bell: Intel Gets Barclays Nod; Stocks Climb as Netflix, Goldman Sachs Jump

Stocks rallied after a number of companies cleared low quarterly expectations.

Author:: Keris Alison Lahiff
Publish date:: Oct 18, 2016 4:26 PM EDT

U.S. stocks rallied after a number of companies cleared low quarterly expectations. Crude gave a small lift to the energy sector after closing in the green for the first time in three sessions. IBM (IBM) - Get Report fell after posting a decline in profit and revenue in its third quarter. Sales have declined for 18 straight quarters as the tech company struggles to offset weakness in its old businesses with high-growth ventures such as cloud computing. Sprint (S) - Get Report moved lower after issuing disappointing preliminary results for its recent quarter. Adjusted earnings fell short of consensus as expensive launches and heavy promotions undercut bottom-line growth. Intel (INTC) - Get Report shares rose after being upgraded to overweight at Barclays. Analysts said the company is attractively valued and leveraged to better PC trends. TheStreet's Keris Lahiff has details from Wall Street.