Wall Street inches higher on tech boost, Johnson & Johnson earnings

- U.S. stocks edged higher on Tuesday, as an advance in technology shares and a jump in Johnson & Johnson following strong results countered losses in UnitedHealth and Bank of America.

Bank of America Corp declined 2.2% after quarterly revenue fell short of expectations, weighing the most on the benchmark S&P index. Insurer UnitedHealth Group Inc reversed course to trade down 4.5% as better-than-expected quarterly results failed to soothe concerns over a possible overhaul of the rebate system.“It remains a wild card. Even though they are proving that their business model is good and are producing good results, people are concerned that the managed care area is going to be under pressure,” said Martin.

At 11:20 a.m. ET, the Dow Jones Industrial Average was up 45.57 points, or 0.17%, at 26,430.34. The S&P 500 was up 5.07 points, or 0.17%, at 2,910.65 and the Nasdaq Composite was up 32.15 points, or 0.40%, at 8,008.17.

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