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Apple and Yahoo lift US stocks with strong results

US stocks rose yesterday as oil prices lifted energy shares and investors were upbeat about the overall profits recovery, even as some high-profile results fell short of lofty expectations.

Goldman Sachs earnings trounced forecasts, but its stock slipped 2.1 per cent to $159.98. UK regulators launched a probe into alleged fraud by the company, adding to worries caused by US fraud charges.

The broad market benefited from the view that earnings are showing the economy is recovering, even though some of the big names that reported solid results, such as UnitedHealth Group, ended lower.

Investors took in another batch of results after the bell, including heavy-hitters Apple and Yahoo. Shares of Apple jumped more than 6 per cent to $260.99, extending its record high, in after-hours trading. Apple reported results above expectations, led by strong sales of the iPhone. Yahoo’s shares gave up 1.9 per cent to $18.03 in extended trade after earnings beat expectations but revenue fell short.