Stocks Rebound from Prior Day

U.S. stocks began with strong gains on Tuesday, as Wall Street rebounded from its worse daily session since November, with investors waiting for a report on the services sector.  The Dow Jones Industrial Average lately rose 108.18 points, or 0.78%, to 13,988.26. The S&P 500 index climbed 11.58 points, or 0.77%, to 1,507.29. The Nasdaq Composite advanced 14.04 points, or 0.45%, to 3,145.21.

Home prices rose 8.3% in December from a year earlier, the biggest gain since May 2006, according to CoreLogic. Prices rose 0.4% in December from November, the 10th consecutive monthly advance.
 
Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers. The complex agreement announced Tuesday will allow Dell’s management to attempt a company turnaround away from the glare and financial pressures of Wall Street.

Toyota Motor Corp. raised its fiscal year profit forecast Tuesday to triple what it eked out for the disaster-struck previous year. Underlining its solid recovery, Toyota is now expecting fiscal year profit of 860 billion yen ($9.3 billion). It had initially expected a 780 billion yen ($8.5 billion) profit.

Shrinking British oil company BP Plc announced quarterly profit down a fifth from a year ago.  BP turned in net profit adjusted for non-operating items and accounting effects of $3.984 billion down from $4.986 billion a year earlier.

Costs related to its upcoming takeover and debt refinancing pushed net income at exchange operator NYSE Euronext down 75 percent in the fourth quarter of last year compared to a year earlier.  The owner of the New York Stock Exchange said Tuesday it earned $28 million in the last quarter of 2012, compared with $110 million in the fourth quarter of 2011.

 Barclays bosses ducked questions on Tuesday over funding for its rescue by Qatar four years ago, as another big charge for mis-selling showed how past problems continue to dog the British bank.

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