U.S. stocks advance as Google rally eclipses Ukraine concerns

A gauge of consumer sentiment probably rose this month. The Thomson Reuters/University of Michigan's preliminary sentiment index advanced to 83, according to the median economist forecast in a Bloomberg News survey. The index climbed to 82.5 in June. The Conference Board's index of U.S. leading indicators probably increased 0.5 percent in June, the estimates show.

About 77 percent of the 82 companies in the S&P 500 that have posted results this earnings season beat analysts' profit projections, and 70 percent exceeded sales estimates, data compiled by Bloomberg show. Profit by the gauge's members increased 4.5 percent in the second quarter, and revenue rose 3.1 percent, according to analysts' estimates compiled by Bloomberg.

"We had a bit of a low expectation going into the second quarter, given the first quarter," Jim Russell, who helps oversee $120 billion as a senior equity strategist at U.S. Bank Wealth Management in Cincinnati, said by phone. "We do feel the second quarter finished much stronger than it began. We think the economic drumbeat is growing louder and more constructive for the markets moving forward."

Google Earnings

Google rose 2.7 percent today after reporting that revenue exceeded analysts' estimates as it sold more advertising. Revenue excluding revenue passed on to partners was $12.7 billion in the second quarter, compared with the average projection of $12.3 billion.

General Electric Co. slipped 0.9 percent. The company said it will hold an initial public offering for the Synchrony Financial unit, its Capital's North American consumer operations, this month. GE also said adjusted profit from continuing operations climbed 8 percent from a year earlier to $3.9 billion.

IBM lost 0.4 percent. The maker of personal computers said second-quarter sales fell 2 percent from a year earlier to $24.4 billion as demand for hardware and computer services declined. That compared with the average analyst estimate of $24.1 billion. Adjusted earnings rose to $4.32 a share, the company said.

AMD tumbled 18 percent. The chipmaker forecast third- quarter sales will rise 2 percent, plus or minus 3 percent, from the previous period, or as much as $1.51 billion. That would miss the average analyst estimate of $1.57 billion, data compiled by Bloomberg show.

AbbVie Inc. declined 0.5 percent. The drugmaker agreed to buy Shire Plc for about 32 billion pounds ($54.8 billion). Shire holders will receive cash and stock valued at 52.48 pounds a share, the companies said in a statement. That's 53 percent above Shire's closing price on May 2, before AbbVie made its first offer.