Stocks Closed Near Their Highs of the Day

U.S. stocks closed near their highs of the day Tuesday, driving the Dow average to its best performance of the year, after strong corporate results and progress from U.S. lawmakers on borrowing limits boosted investor confidence. The Dow Jones Industrial Average added 202.26 points, or 1.63%, to 12,587.42. The S&P 500 ended up 21.29 points, or 1.63%, to 1,326.73.  The Nasdaq Composite gained 61.41 points, or 2.22%, to 2,826.52.

Apple Inc’s quarterly revenue smashed Wall Street expectations for at least the 9th straight quarter, driven by blockbuster sales of its hot iPhones and iPads. Its fiscal third-quarter revenue rose to $28.57 billion, trouncing the average analyst estimate of $24.99 billion, according to Thomson Reuters I/B/E/S.

Lower costs helped S&P 500 component Yahoo! Inc. pull in a higher profit in the second quarter. Net income rose to $237 million (18 cents per share) vs. $213.3 million (15 cents per share) in the same quarter a year earlier. This marks a rise of 11.1% from the year earlier quarter.

Tech giant Microsoft Tuesday became the first major company to endorse “crowd commerce,” a fast-growing form of eCommerce that is gaining traction in some of Silicon Valley’s highest circles.