Mid-Morning Market Update: Markets Mostly Higher; Goldman Sachs Profit Beats Views

Following the market opening Tuesday, the Dow traded up 0.32 percent to 18,062.44 while the NASDAQ declined 0.18 percent to 4,951.13. The S&P also rose, gaining 0.27 percent to 2,100.02.

Tuesday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from

and

. In trading on Tuesday, technology shares fell by 0.36 percent. Meanwhile, top losers in the sector included

, down 7 percent, and

, down 7 percent.

reported better-than-expected earnings for its first quarter on Tuesday. The bank's quarterly net income applicable to common shareholders dropped 56.3 percent to $1.2 billion, or $2.68 per share, versus $2.75 billion, or $5.94 per share, in the year-ago period. However, analysts were expecting earnings of $2.45 per share. Its revenue declined to $6.34 billion from $10.62 billion, versus analysts' estimates of $6.73 billion.

shares shot up 15 percent to $76.16 after the company reported better-than-expected Q1 results. Shares of

got a boost, shooting up 14 percent to $18.16 after the company reported stronger-than-expected Q1 earnings and raised its FY forecast.

shares were also up, gaining 19 percent to $2.26 as the company reported a $24.9 million settlement with

.

shares dropped 24 percent to $12.27 after the company reported preliminary first quarter results which mostly fell short of prior guidance. Applied Optoelectronics now expects to lose $0.04 to $0.06 per share on revenue $50 million to $50.5 million. The company previously guided its earnings per share to a range of $0.21 to $0.28 on revenue of $50 million to $54 million. Shares of

were down 23 percent to $137.49 after the company issued a weak revenue forecast for the first quarter. Bank of America downgraded Illumina from Buy to Neutral.

was down, falling around 18 percent to $2.05 as the company reported an offering of common stock and warrants.

In commodity news, oil traded up 1.58 percent to $40.41 while gold traded up 1.12 percent to $1,248.80. Silver traded up 4.32 percent Tuesday to $16.96, while copper rose 0.09 percent to $2.18.

European shares were higher today. The eurozone's STOXX 600 rose 1.37 percent, the Spanish Ibex Index gained 1.08 percent, while Italy's FTSE MIB Index rose 0.66 percent. Meanwhile, the German DAX climbed 2.39 percent, and the French CAC 40 rose 1.20 percent, while U.K. shares rose 0.39 percent.

U.S. housing starts declined 8.80 percent to an annual rate of 1.09 million in March. However, economists were expecting a 1.17 million rate.