* UTX lifts Dow industrials, but Dow off intraday record
* Biotech weighs on healthcare sector
* Netflix falls short on new subscribers, stock slides
* China signals support for growth, buoys global shares
* Dow up 0.1 pct; S&P 500 off 0.2 pct; Nasdaq down 0.4 pct
By Rodrigo Campos
NEW YORK, July 23 (Reuters) - The S&P 500 hit an intraday
record high on Tuesday before slipping in a tight-range session,
while the Dow industrials got a lift from upbeat earnings.
The S&P biotech subindex fell 1.6 percent a day
after hitting an all-time high. The S&P healthcare index
slipped 0.3 percent and ranked among the worst
performers of the 10 industrial sectors in the S&P 500.
Shares of United Technologies, the world's largest
maker of elevators and air conditioners, hit an all-time high of
$105.50 and led the Dow's advance after the company raised the
low end of its 2013 earnings forecast. At midday,
the stock was up 2.4 percent at $104.59.
The Dow also reached an intraday record high shortly after
the opening bell, within a few minutes of the S&P 500's jump to
its all-time intraday high.
If the S&P 500 ends Tuesday's session with a decline, that
would be only the second down day in the last 14 for the
benchmark index. The S&P 500 has gained about 19 percent for the
"Valuations are decent, there's positive monetary pressure,
earnings are just OK ... it's hard to get people excited but the
market keeps grinding higher," said John Manley, chief equity
strategist at Wells Fargo Funds Management in New York.
"It will be slow over the summer, but the market will have
an upward bias."
The Dow Jones industrial average rose 18.16 points or
0.12 percent, to 15,563.71, the S&P 500 lost 2.85 points
or 0.17 percent, to 1,692.68 and the Nasdaq Composite
dropped 14.66 points or 0.41 percent, to 3,585.73.
Netflix Inc shares dropped 5.2 percent to $248.29 a
day after the movies and TV streaming service reported it had
gained new subscribers in the second quarter, but not enough to
Of the 130 companies in the S&P 500 that have reported
earnings so far this season, 63.8 percent have beaten analysts'
expectations, but 51.5 percent have fallen short on revenue
forecasts. Over the past four quarters, 67 percent of companies
have beaten earnings estimates.
Shares of Apple Inc slid 0.8 percent to $422.83
ahead of the tech bellwether's earnings report after the closing
bell. Apple is expected to post a smaller quarterly profit.
Elsewhere in the tech sector, Cisco Systems said it
will buy software maker Sourcefire Inc for about $2.7
billion to increase its network security services. Sourcefire
shares surged 27.8 percent to $75.50, while Cisco's stock dipped
0.1 percent to $25.68.
Shares of Phillips 66 Partners shot up 30.7
percent to $30.11 in their first day of trading. The initial
public offering of 16.4 million shares was priced at $23 per
share. Phillips 66 rose 2.8 percent to $59.59.
Global stock indexes advanced after China's President Xi
Jinping said the country must deepen reforms to address a slew
of challenges confronting it, according to comments published on
Tuesday that emphasize the government's determination to
restructure the slowing economy.