Stocks Gain; Apple Rallies on Results

U.S. stocks gained in the early trading on Tuesday. Apple’s iPhone sales drove record profit. The Dow Jones industrial average lately rose 77.82 points, or 0.47%, to 16,477.49. The S&P 500 gained 18.72 points, or 0.98%, to 1,922.73. The Nasdaq Composite added 51.46 points, or 1.19%, to 4,367.53.

Sales of previously owned homes are likely to creep higher in September after falling 1.8% in the prior month, but buyers still aren’t flooding into the market despite an improved economy and lower interest rates.

Strong global demand for Apple Inc’s (AAPL.O) iPhone 6 will drive revenue growth through 2015, while updated models should help reverse three straight quarters of declining iPad sales, analysts said.

Coca-Cola Co. (KO), the world’s largest beverage company, embarked on a plan to cut $3 billion in annual expenses by 2019 after a global slump in sales volume caused revenue to miss analysts’ estimates.Sales fell to $11.98 billion in the quarter from $12 billion a year earlier, Atlanta-based Coca-Cola.

Staples is investigating a possible breach of payment card data and has contacted law enforcement about the matter, making it the latest US retailer to become a possible victim of a cyberattack.

McDonald’s has lost the secret sauce. Shares of the world’s biggest burger chain tumbled 2% in pre- market trading after the company announced disappointing third quarter results marred by a decline in revenues, operating income and earnings per share.