US STOCKS-Wall St ticks higher on upbeat corporate earnings

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* GE jumps as free cash flow tops estimates
* J&J rises on upbeat 2021 profit outlook; vaccine data
"soon"
* AmEx drops after quarterly profit falls
* GameStop up ~20% as short-squeeze, retail frenzy continues
* Indexes up: Dow 0.08%, S&P 0.02%, Nasdaq 0.07%

(Adds comment, details; Updates market prices)
By Devik Jain and Medha Singh
Jan 26 (Reuters) - U.S. stocks rose in choppy trading on
Tuesday, with the S&P 500 scaling a new peak after a batch of
upbeat earnings updates including Johnson & Johnson's strong
profit forecast and 3M's quarterly profit beat.
J&J JNJ.N added 3%, and was the top gainer on the Dow, as
the drugmaker also said it expected to report eagerly awaited
COVID-19 vaccine data early next week. 3M Co MMM.N climbed 3.1% as it benefited from lower costs
and demand for disposable respirator masks, hand sanitizers and
safety glasses amid a surge in coronavirus infections.
"The earnings season has been very positive," said Albert
Brenner, director of investment and economic research at
People's United Advisors in West Hartford, Connecticut.
"We're going to continue to see strong growth in revenue and
earnings from tech companies, the question will be whether it
will be sufficient to satisfy market expectations."
Tech heavyweights Microsoft Corp MSFT.O and Advanced Micro
Devices Inc AMD.O rose about 1% ahead of their earnings report
after markets close.
Five of the 11 S&P sectors rose, with consumer staples
.SPLRCS and communication services .SPLRCL leading gains.
Few if any changes are expected in the U.S. Federal
Reserve's policy statement at the end of a two-day meeting on
Wednesday, with Fed Chair Jerome Powell likely to address
inflation in his post-meeting news conference. With the S&P 500 trading at 22 times the 12-month forward
earnings, concerns about stock bubbles on Wall Street are
sparking fears of a pullback. Investors are keeping an eye out
for forecasts from corporate America to justify these higher
valuations. In focus is progress in stimulus talks, with U.S. Senate
Majority Leader Chuck Schumer saying Democrats will move forward
on U.S. President Joe Biden's coronavirus relief plan without
Republican support if necessary. "We would not be surprised by increased volatility in
response to news that vaccines are going to be challenged going
forward with new coronavirus variants coming up," Brenner said.
The CBOE volatility index, Wall Street's fear gauge .VIX
edged higher for the third straight day.
At 11:33 a.m. ET the Dow Jones Industrial Average .DJI
rose 24.65 points, or 0.08%, to 30,984.65, the S&P 500 .SPX
lost 0.59 points, or 0.02%, to 3,854.77, and the Nasdaq
Composite .IXIC gained 9.96 points, or 0.07%, to 13,645.95.
Videogame retailer GameStop Corp GME.N jumped 20% after
surging 144% a day earlier, as individual investors again piled
into a number of niche stocks, prompting short sellers to
scramble to cover losing bets. General Electric Co GE.N jumped 14% after the industrial
conglomerate offered an upbeat outlook for its business this
year and reported a surge in quarterly free cash flow.
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American Express Co AXP.N fell 2% after it posted a 15%
drop in quarterly profit, as pandemic-led lockdowns and business
restrictions kept the credit card issuer's members from
traveling and dining out. Declining issues outnumbered advancers for a 1.1-to-1 ratio
on the NYSE and a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted 25 new 52-week highs and no new low,
while the Nasdaq recorded 391 new highs and 18 new lows.