Overnight Markets: US stocks advance on earnings reports

US stocks closed slightly up on Tuesday, sending the Dow Jones Industrial Average to its highest level since May 2008, amid positive earnings reports from several companies including Coca-Cola and as discussions on a bailout package for Greece made some progress.

The Dow Jones was up 33 points, or 0.26%, at 12,878. The Standard & Poor's 500 Index was up three points, or 0.2%, at 1,347. The Nasdaq Composite Index was up two points, or 0.07%, at 2,904.

Greece's government is making a document with a list of painful reforms required to clinch a new, €130 billion bailout financing package that is critical to the country avoiding a disorderly default. Meanwhile, Greek Prime Minister Lucas Papademos postponed a meeting with heads of the political parties supporting his caretaker government a second time in as many days.

Dow-component Coca-Cola increased 0.8% after reporting better-than-expected quarterly results and announcing a cost-savings programme. Another Dow component Microsoft rose 0.5% while Apple gained 1.1%.

Among other gainers, McDonald’s added 1.4% ahead of its sales report. Yum! Brands climbed 2.6% as earnings surged 30%. Anadarko Petroleum rose 5.2% as profit beat estimates.

On the other hand, shares of money-market fund operators suffered after a report that the US Securities and Exchange Commission was creating rules meant to stabilise the $2.7 trillion money-market mutual fund sector, including allowing the net asset value of funds to fluctuate. Federated Investors fell 3.3%, while Charles Schwab declined 2.8%.

Walt Disney Co fell 1.3% in extended trading after it reported weaker-than-expected revenue for its fiscal first quarter.

Emerson Electric Co shed 2.7% after it reported lower quarterly sales and earnings due to last year's floods in Thailand and weak European economies.

Swiss bank UBS dipped 0.7% after predicting more weakness in investment banking.

Asian stocks advance

In Asia, equities rose for a third day on Wednesday in morning session as Toyota Motor raised its profit forecast and Greece edged closer to securing a bailout package.