Last Updated: January 27th, 2009: 4:30 PM ET---The major US equity indices closed with moderate gains, slightly off session highs, as investors spent the day weighing disappointing economic data with earnings results. The Dow closed 0.7% higher to 8,175 with American Express (NYSE:AXP) ending the session as its best performer, up 9.7%. While strength was broadbased with nine of ten major economic sector closing with gains, financials was the session's best performer, closing 3.7% higher, followed by industrials, which closed up 2.1%. Dow component DuPont (NYSE:DD) announced Tuesday morning that it swung to a fourth-quarter net loss of $629 million, or 70 cents per share, versus a profit of $545 million, or 60 cents per share in the year-ago period. However, ex-items, the loss would have only been 28 cents, still missing estimates of 20 cents per share. The chemical giant also said it was cutting its '09 guidance to a range of $2 and $2.50 per share, down from its previously given outlook range of $2.25 and $2.75 per share. Analysts had been expecting $2.22 per share in 2009. Verizon Communications (NYSE:VZ) reported a 15% increase in its fourth-quarter profit, printing at $1.24 billion, or 43 cents per share, up from $1.07 billion or 37 cents per share. Excluding one-time items like restructuring costs, earnings were 61 cents per share, in-line with analysts' estimates. The materials sector showed some surprising quarterly results, especially since analysts have cut estimates drastically after extraordinary declines in commodity prices, with AK Steel (NYSE:AKS), US Steel (NYSE:X) and Nucor Corp. (NYSE:NUE) all reporting before Tuesday's open. AK Steel (NYSE:AKS) swung to quarterly loss of $430.6 million, or $3.88 per share, versus a profit of $106.7 million, or 95 cents per share a year-earlier. However, excluding its pension charge, the company earned $600,000. Meanwhile, shares of US steel (NYSE:X) jumped after the Pittsburgh-based steel giant said its fourth-quarter profit soared to $308 million, or $2.65 per share following a one-time gain. The same quarter last year, US Steel posted earnings of $35 million, or 29 cents per share, but these results also included a nonrecurring item that resulted in a charge of $117 million or 98 cents per share. Ex-items, US Steel said it would have earned $2 per share, well above estimates of 71 cents per share. Nucor Corp. (NYSE:NUE) reported a 71% year-over-year decline in its quarterly profit, printing at $105.9 million, or 34 cents per share, down from the previous year's $364.8 million or $1.26 per share. Texas Instruments (NYSE:TXN) announced it would cut 3,400 jobs, meanwhile IBM (NYSE:IBM) cut 2,800 positions in its sales department last week. After reporting a disappointing profit that missed estimates by 7 cents, Corning (NYSE:GLW) announced that it will reduce its workforce by 3,500, which is roughly 13% of its total payroll in an effort to cope with deteriorating demand for flat screen TVs. In economic news, home prices dropped a record 18.2% during November compared to the year earlier period according an index from Standard & Poor's. The Standard & Poor's index that tracks 20 major metropolitan area fell 2.2% from October indicating further deterioration in the housing sector. However, while the reading came in lower, the annual pace of decline wasn't as low as economists had expected. According to the Conference Board, consumer confidence fell to a record low of 37.7 in the month of January, down from a revised 38.6 figure in December, surprising economists who on average were expecting a 43.0 reading. The Dow Jones Industrial Average closed up 59 points to 8,175, the S&P 500 closed 9 points higher to 846 and the Nasdaq Composite Index closed up 15 points to 1,505.

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