NEW YORK -- The stock market climbed Tuesday following strong earnings across a range of U.S. industries.
Markets were briefly shaken by a fake Twitter posting about the White House shortly after 10 a.m. Pacific time after The Associated Press' Twitter feed was hacked.
A posting saying that there had been explosions at the White House and that President Barack Obama had been injured was sent at 10:08 a.m. The Dow immediately plunged about 143 points, from 14,697 to 14,554. The AP said its Twitter account had been hacked and the posting was fake. Within five minutes the Dow had snapped back.
Major indexes rose about 1 percent at close.
The Dow Jones industrial average increased 152 points to 14,719. The Standard & Poor's 500 index rose 16 points to 1,578 and the Nasdaq composite rose 35 points to 3,269. The gains were broad. Four stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.5 billion shares.
AP spokesman Paul Colford said the news cooperative is working with Twitter to investigate the issue. The AP has disabled its other Twitter accounts following the attack, Colford added.
Joe Fox, chairman and co-founder of online brokerage Ditto Trade, was at work in L.A. when he got a call from the Chicago brokerage offices telling him what had happened. Fox watched the market tanking, then its quick bounce back.
It was a tipsy-turvy roller coaster for a few minutes there, Fox said.
Fox said the news didn't sound right to him when he first heard it, and he thinks that traders are being more cautious in the wake of the 2010 flash crash, which sent the Dow spiraling 600 points in a matter of minutes.
After the brief sell-off investors turned their focus back to earnings.
Makers of handbags, jet planes and chemical products all turned in good results for the first quarter, reviving investors' confidence after a sharp downturn in the stock market last week.
Netflix soared 24 percent to $216 after reporting a big gain in subscribers in the first quarter late yesterday. Coach, which makes Luxury handbags and other accessories, soared 11 percent to $56.44. Lockheed rose 1 percent to $96.78. Travelers rose 2.2 percent to $86.46.
Tuesday's upturn in stocks put both indexes back in the black for April and closer to the record high closes they reached on April 11. It was a sharp change of tone from last week, when the market had its worst drop since November. That sell-off started after economic growth in China, the world's second-largest economy, slowed.
So far, 69 percent of the companies that reported earnings for the first quarter have beaten analysts' expectations, better than the 10-year average of 62 percent, according to data from S&P Capital IQ. Analysts currently expect earnings to rise by 2.3 percent in the first quarter, compared with 7.7 percent growth in the previous three-month period.