The Joplin Globe, Joplin, MO

Business

July 9, 2013

Stocks head higher for fourth day

NEW YORK — Industrial and raw material companies powered the stock market higher Tuesday for a fourth straight day of gains.

Aluminum maker Alcoa reported second-quarter earnings late Monday that beat analysts’ expectations. The company, considered a bellwether for the economy, benefited from strong demand for aluminum used in autos and airplanes.

Alcoa was the first major company to announce quarterly results.

The Dow Jones industrial average rose 79 points, or 0.5 percent, to 15,304 as of 9:54 a.m. Eastern Daylight Time. The Standard & Poor’s 500 index gained 9 points, or 0.5 percent, to 1,649. The Nasdaq composite rose 10 points, or 0.3 percent, to 3,495.

In government bond trading, the yield on the 10-year Treasury note was little changed at 2.63 percent early Tuesday. The yield has pulled back after surging to 2.74 percent Friday, its highest level in almost two years, after the government reported strong hiring for June.

In commodities trading, the price of oil fell 16 cents, or 0.2 percent to $102.96 a barrel. Gold rose $19.20, or 1.6 percent, to $1,254.40.

Among stocks making big moves:

— Barnes and Noble rose 79 cents, or 4.6 percent, to $18.44 after the bookseller said Monday its CEO is leaving after three years. The company didn’t name a replacement.

— Intuitive Surgical, a maker of robotic surgery systems, plunged $86.52, or 17 percent, to $413.56 after the company forecast disappointing second-quarter sales late Monday.

— WD-40 rose $4.87, or 8.4 percent, to $62.52 after the maker of maintenance products reported earnings that beat financial analysts’ forecasts.

 

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