Stocks Closed Higher, Led by Materials

Stocks closed higher on Tuesday, led by materials stocks after an upbeat forecast by aluminum company Alcoa Inc. and strong gains by bank shares. The Dow Jones industrial average was up 69.78 points, or 0.56 percent, at 12,462.47. The Standard & Poor’s 500 Index was up 11.38 points, or 0.89 percent, at 1,292.08. The Nasdaq Composite Index was up 25.94 points, or 0.97 percent, at 2,702.50.

Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C) are planning to market about $1 billion of bonds backed by commercial property loans as soon as next week as demand for the debt recovers amid optimism the U.S. economy can withstand Europe’s fiscal crisis.

Crocs Inc.(CROX) said late Tuesday it expects annual revenue to surpass $1 billion for the first time this year. The shoe maker also estimates fourth-quarter revenue will come in at the high end of its $200 million to $205 million range.

Eastman Kodak Co.(EK) said late Tuesday that it is suing Apple Inc. and HTC Corp. for infringement of certain patents related to digital imaging technology. Kodak claims Apple’s iPhones, iPads, and iPods, and some of HTC’s smartphones and tablets use Kodak patents for transmitting images.

The Federal Reserve transferred $76.9 billion in earnings to the U.S. Treasury during 2011, the central bank announced Tuesday. The transfer is slightly less than the record $79.3 billion transferred in 2010.

Crude-oil inventories rose 400,000 barrels in the week ended Jan. 6, the American Petroleum Institute reported late Tuesday. Stockpiles of gasoline rose 1.9 million, while inventories of distillates rose 850,000 barrels.






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