Stocks Ended Higher on Earnings and Data

U.S. stocks closed modestly higher on Tuesday, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports. The Dow Jones Industrial Average added 61.81 points, or 0.36%, to 17,113.54. The S&P 500 rose 9.90 points, or 0.50%, to 1,983.53. The Nasdaq Composite gained 31.31 points, or 0.71%, to 4,456.02.

U.S. consumer prices rose in June as the cost of gasoline surged. The Labor Department said on Tuesday its Consumer Price Index increased 0.3 percent last month, with gasoline accounting for two-thirds of the gain, after May’s 0.4 percent rise.

U.S. home resales hit an eight month-high in June, suggesting the housing market was gradually regaining momentum
and would help the economy to stay on a higher growth path this year.

Microsoft Corp said on Tuesday its fiscal fourth-quarter revenue rose, but its profit fell, partly due to the effect of incorporating the handset business of Nokia, which it acquired in April.The company reported quarterly profit of $4.61 billion, or 55 cents per share, compared with $4.96 billion, or 59 cents per share, in the year-ago quarter.Revenue rose 17 percent to $23.38 billion.

Electronic Arts Inc. reported solid profit growth in its first fiscal quarter. EA reported net income for the period ended June 30 of $335 million, or $1.04 per share, compared with profit in the year-earlier period of $222 million, or 71 cents. Revenue rose to $1.2 billion from $949 million.

Activist investor Bill Ackman fired his latest salvo at the weight loss and nutritional supplements company Herbalife on Tuesday, alleging that one of the business models used by its distributors is evidence that the company operates as an illegal pyramid scheme.

Coca-Cola Bottling Co. Consolidated (NASDAQ:COKE) will issue a news release after the market closes on August 5,
2014 to announce financial results for its quarter and first half ended June 29, 2014.