Login for full access to ABQJournal.com



New Users: Subscribe here


Close

Stocks gain on earnings; Cummins, Ameriprise rise

........................................................................................................................................................................................
FILE - In this Monday, April 28, 2014 file photo, traders gather at the post of specialist Jason Hardzewicz, center, on the floor of the New York Stock Exchange. U.S. stock futures are edging higher Tuesday, April 29, 2014, suggesting a higher open for the market, as more companies report earnings. (AP Photo/Richard Drew, File)

FILE – In this Monday, April 28, 2014 file photo, traders gather at the post of specialist Jason Hardzewicz, center, on the floor of the New York Stock Exchange. U.S. stock futures are edging higher Tuesday, April 29, 2014, suggesting a higher open for the market, as more companies report earnings. (AP Photo/Richard Drew, File)

NEW YORK — The stock market is closing higher as more U.S. companies deliver solid quarterly results.

Merck, Ameriprise Financial and the diesel engine maker Cummins were among the corporations reporting better-than-expected earnings.

The Standard & Poor’s 500 index rose eight points, or 0.5 percent, to close at 1,878 Tuesday. Banks and technology stocks rose the most.

The Dow Jones industrial average rose 86 points, or 0.5 percent, to 16,535. The Nasdaq composite increased 29 points, or 0.7 percent, to 4,103.

Some companies posted results that disappointed investors. Coach slumped 9 percent after the luxury goods maker said its profit fell in the first three months of the year.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 percent.

Top
Read previous post:
eBay Headquarters
EBay takes 1st quarter loss on tax charge

Adjusted results beat expectations but the company offered weak second-quarter guidance and shares fell 3 percent in aftermarket trading

Close