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Stocks rise as energy stocks rebound

Apr. 23, 2013 @ 12:00 AM

NEW YORK -- Investors remained cautious at the start of a big week for company earnings on Wall Street.

About a third of the companies in the Standard & Poor's 500 index, including Exxon Mobil and Apple, are reporting earnings this week. Analysts currently expect earnings to rise by 2 percent in the first quarter, down from the 7.7 percent increase in the fourth quarter, according to S&P Capital IQ.

While the majority of companies that have reported earnings so far have beaten investors' expectations, concerns remain about the outlook for revenues for the rest of the year. Earnings forecast may need to be revised lower if the global economy doesn't improve.

Netflix surged 23 percent to $214.19 in after-hours trading after the company reported that it added 2 million U.S. subscribers to its video streaming service during the first three months of the year. Netflix took a gamble by adding original programming to its service including the critically acclaimed series "House of Cards" in February.

The Dow rose 19.66 points, or 0.1 percent, to 14,567.17. The Standard & Poor's 500 index closed up 7.25 points, or 0.5 percent, higher at 1,562.50.

The stock market was coming off its biggest weekly drop since November. Last week the S&P 500 and the Dow each lost 2.1 percent, paring their advances after a strong start to the year.

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