NEW YORK, Oct. 22 (Xinhua) -- U.S. stocks erased early losses and ended fractionally higher on Monday, thanks to a big reversal in the last half hour of the trading.
When the market closed, the Dow Jones Industrial Average added 2.38 points, or 0.02 percent, to 13,345.89. The Standard & Poor's 500 inched up 0.62 points, or 0.04 percent, to 1,433.81. The Nasdaq Composite Index gained 11.34 points, or 0.38 percent, to 3, 016.96.
Technology stocks led the late-time rally as Apple had its best day in nearly five months after Topeka Capital Markets raised its fourth-quarter earnings and revenue expectations on the tech giant and Goldman Sachs reiterated its "buy" rating and 810-dollar price target on the iPhone maker.
Stocks traded in narrow range in most time of the session after suffering a worst day since June in the previous session as a string of heavy weights such as Microsoft, General Electric and McDonald's posted disappointing results.
With no major economic news to direct trading on Monday, investors continued to focus on a new round of corporate results. As most companies have pulled in better-than-expected earnings, investors became more interested in how they're doing on revenue which can give a more accurate picture of how a company is performing.
Caterpillar, the world's largest maker of construction and mining equipment, reported quarterly earnings on Monday that beat Wall Street's expectations. However, the company cut its outlook on both revenue and profits for the whole year.
Meanwhile, the company also forecasted sales growth for 2013 that would be slower than in the previous three years as global economy decelerates.
Hasbro also posted earnings that beat expectations, but sales fell short of estimates, dragged by a drop in revenue at its boys and pre-school product lines.
After the closing bell, Yahoo reported quarterly earnings and revenue that beat analysts' expectations, thanks to a large gain from its recent sale of Alibaba shares, while search and display revenue improved slightly.
Besides the earnings, investors also kept a close watch on the final presidential debate later in the day, as the race between Barack Obama and Mitt Romney appears to be extremely close.
In other markets, the U.S. dollar rose against Japanese yen on Monday after data showed Japan's exports fell sharply in September, which fueled expectations that and the Bank of Japan would launch stimulus measures to weaken the yen and boost exports.
U.S. crude prices fell and broke the important level of 90 dollars a barrel on Monday as concerns about global economic slowdown offset fears of unrest in the Middle East.
Light, sweet crude for November delivery fell 1.32 dollars, or 1.47 percent, to settle at 88.73 dollars a barrel on the New York Mercantile Exchange.