Dow, S&P Closed at Record Highs

U.S. stocks rallied into the close on Wednesday, resulting in record finishes for the Dow
industrials and S&P 500. The Dow Jones industrial average rose 70.96 points or 0.45 percent, to
end at 15,821.63. The S&P 500 gained 14.31 points or 0.81 percent, to close at 1,782.00. The
Nasdaq Composite added 45.66 points or 1.16 percent, to finish at 3,965.58.

Cisco Systems delivered quarterly earnings that beat analysts’ expectations on Wednesday, but
revenue missed. The company said it would boost its stock buyback program by $15 billion. The
company posted fiscal first-quarter earnings, excluding items, of 53 cents per share, up from 48
cents a share in the year-earlier period. Revenue increased to $12.09 billion from $11.88 billion
a year ago.

Macy’s posted third-quarter profits that beat Wall Street expectations by a wide margin and its
CEO issued upbeat comments about the upcoming holiday shopping season. Macy’s earned 47 cents a
share in the quarter ended in October, a 31% jump from a year ago, topping analysts’ estimate of
39 cents.

Starbucks is paying the big bucks to Kraft Foods to settle a dispute over packaged coffee.
Starbucks will pay Kraft almost $2.8 billion, following an arbitrator’s conclusion that Kraft is
entitled to $2.23 billion in damages plus $557 million in prejudgment interest and attorneys’
fees.

The U.S. government said on Wednesday that 106,185 people signed up for health coverage nationally
under President Barack Obama’s healthcare reform law during October, the first month of its
troubled roll-out.