Boeing profit report boosts Wall Street

Wall Street ended a choppy session with a moderate advance Wednesday after a better-than-expected profit report at Boeing Co. and a seesaw day in the energy markets.

Boeing, one of the 30 stocks that comprise the Dow Jones industrial average, reported a 38 percent jump in first-quarter earnings. The airplane manufacturer’s results, along with stronger-than-anticipated forecasts at chip makers Broadcom Corp. and Anadigics Inc., appeared to buoy investor sentiment about the first-quarter earnings season.

Investors also reacted positively to Liberty Mutual’s plans to acquire another insurance company, Safeco. The $6.12 billion deal – which would create the country’s fifth-biggest property insurer – sent Safeco shares surging $20.71, or 46 percent, to $65.94.

Still, the stock market’s movements were somewhat erratic Wednesday, as investors concerned about inflation kept an eye on fluctuating oil prices. Oil initially pulled back but then rebounded as the government reported a rise in crude inventories but a drop in gasoline stockpiles. A day earlier, a record high price for oil had helped send shares skidding.

“I think you’re just going to get continued volatility,” said Kevin Shacknofsky, co-portfolio manager of the Alpine Dynamic Dividend Fund in Purchase, N.Y. He cited investors’ concerns not only about rising energy prices, and also the health of the financial sector.

The Dow rose 42.99, or 0.34 percent, to 12,763.22, after spiking 117 points, giving up those gains to trade down 17 points, and then recovering some ground.

Broader stock indicators also closed higher. The Standard & Poor’s 500 index rose 3.99, or 0.29 percent, to 1,379.93. The technology-focused Nasdaq composite index logged a more sizable advance, rising 28.27, or 1.19 percent, to 2,405.21.

Overseas, Japan’s Nikkei stock average gained 0.23 percent. Britain’s FTSE 100 rose 0.81 percent, Germany’s DAX index rose 0.99 percent, and France’s CAC-40 rose 1.48 percent.