Stocks Ended Higher on Factory Output, Profits
U.S. stocks finished near session highs on Tuesday, giving the market its biggest gain in a month, boosted by a batch of better-than-expected earnings reports and good reading on industrial production. The Dow Jones Industrial Average rose 127.55 points, or 0.95%, to close at 13,551.78. The S&P 500 added 14.79 points, or 1.03%, to 1,454.92. The Nasdaq Composite tacked on 36.99 points, or 1.21%, to 3,101.17.
U.S. Industrial Production rises in stabilization sign. Output at factories, mines and utilities rose 0.4 percent in September after a 1.4 percent decline in August that was the biggest since March 2009, the Federal Reserve reported today.
Intel Corp (INTC) posted third-quarter revenue of $13.5 billion and net earnings of $3.0 billion, or 58 cents a share. The world’s largest chipmaker forecast fourth-quarter revenue of $13.6 billion, plus or minus $500 million. Analysts expected $13.74 billion for the current quarter.
International Business Machines Corp.(IBM) reported a decline in sales for the third quarter, missing Wall Street’s target as revenue weakened in its services, software and hardware segments. IBM reported net income of $3.82 billion, or $3.36 per share, compared to net income of $3.84 billion, or $3.23 per share, for the same period last year. Revenue slipped by 5.4% to $24.7 billion.
Oil futures ended above $92 a barrel Tuesday on optimism that Spain may be one step closer to seeking a bailout. Crude oil for November delivery edged up 24 cents, or 0.3%, to settle at $92.09 a barrel on the New York Mercantile Exchange.