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Stocks Rally Off Session Lows; Apple Ready To Rock After Earnings Beat?

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The major averages rallied in the final hours of Tuesday's trading session to close well off their intraday highs. Apple (AAPL) was higher after a quarterly beat.

The Nasdaq pared all its losses to close fractionally higher, while the S&P 500 dipped 0.1% and the Dow Jones industrial average fell 0.5%. Small caps outperformed with a 0.8% gain in the S&P 600. Volume was higher across the board vs. Monday, according to preliminary figures.

Transportation, steel and building-related stocks led the downside in the stock market today; gold miners, discount retailers and medical stocks were among the top gainers.

Apple jumped 2.5% after hours. The iPhone maker reported fiscal Q1 earnings per share of $3.36 on $78.35 billion in revenue, topping views for $3.21 on $77.249 billion in sales. The 3% revenue increase halted a three-quarter string of declines on the top line.

Shares ended the regular session with a 0.3% dip, squarely in buy range from a 118.12 entry cleared Jan. 6.

Electronic Arts (EA) fell 2% in after-hours trading despite announcing fiscal Q3 results that topped its guidance. The video game publisher posted flat GAAP EPS, vs. last year's 14-cent loss and its own estimate for a 17-cent deficit. Net revenue rose 7% to $1.149 billion, above its forecast for $1.125 billion.

Shares closed 0.5% lower in heavy trade during the regular session, just above an 82.72 handle buy point.

On Wednesday, the Federal Reserve ends a two-day policy meeting. No change is expected in interest rates. Key companies reporting earnings include Facebook (FB), Cavium (CAVM) and Anthem (ANTM).

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