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Stocks managed to get going in the right direction today, with the Dow Jones Industrials (INDEX: ^DJI ) finally breaking a three-day streak of big losses that had taken the average down more than 325 points. Earnings news managed to wrest back investors' attention from battered European economies, and despite some disappointments, the Dow managed to post a 59-point loss for the day.
Boeing (NYSE: BA ) led all gainers with a jump of nearly 3% after posting better-than-expected earnings. As Fool analyst David Williamson noted earlier today, the company does face some potential problems in its defense business from a potential fiscal cliff. But with substantial and growing revenue from its commercial aircraft business, Boeing hopes to avoid a collapse even if the worst-case scenario for defense spending becomes a reality.
AT&T (NYSE: T ) also rose more than 2%. As Fool analysts Austin Smith and Andrew Tonner discussed earlier today, a drop in iPhone sales in its recently announced second-quarter results likely came from consumers' delaying of purchases in anticipation of a new iPhone model potentially coming out this fall. Moreover, even as it fights against archrival Verizon (NYSE: VZ ) for supremacy in the U.S. market, AT&T's wealth in wireless spectrum and lucrative dividend payout makes it look attractive for the foreseeable future.
Finally, Cisco Systems (Nasdaq: CSCO ) managed a surprising reversal, coming back from early losses to end nearly 2% higher on the day. Despite weak IT spending in Europe and more job cuts, CEO John Chambers appears to be trying to wait out the down cycle in networking equipment and related technology by making defensive moves designed to limit losses and put the company in better position to win in the long run.
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