Wall Street rebounds on strong earnings reports

Wall Street ended an erratic session with a big advance today as investors uneasy about the economy were reassured by solid earnings from blue chip names including Apple and American Express.

The Dow Jones industrial average rose more than 100 points.

Technology stocks were among the biggest gainers after Apple surpassed analysts’ expectations with a 67% jump in fiscal fourth-quarter profit on strong sales of Macintosh computers, iPods and iPhones.

“Housing is obviously still a big concern, and the question is how much does it spill over into the rest of the economy,” said Alexander Paris, economist and market analyst for Chicago-based Barrington Research.

“I think the trend for the market is down unless investors see something positive, and the market drifts back up again.”

According to preliminary calculations, the Dow rose 109.26, or 0.81%, to 13,676.23. The Standard and Poor’s 500 index rose 13.26, or 0.88%, to 1,519.59; the Nasdaq composite index rose 45.33, or 1.65%, to 2,799.26.