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S.&P. 500 Hits a Five-Year High

January 11, 2013 by Leave a Comment

The Standard Poor’s 500-stock index set a five-year high on Thursday as stronger-than-expected exports from China spurred optimism about global growth prospects.

“Historically, January is a positive month for the market, and you’re seeing that play out,” said Michael Sheldon, chief market strategist at the RDM Financial Group in Westport, Conn.

Financial companies, up 1.4 percent, and energy stocks, with a gain of 1 percent, were the day’s top gaining sectors.

Analysts cited economic data from China as the day’s catalyst. A report showed the country’s export growth rebounded to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown.

“It is being interpreted positively that they’ve stopped the downturn,” Kurt Brunner, portfolio manager at the Swarthmore Group in Philadelphia, said. “If they continue to produce good growth, that’s going to be supportive for our global manufacturers.”

Wall Street’s fear gauge, the Chicago Board Options Exchange volatility index, or VIX, suggested markets were relatively calm. The index was down 2.3 percent at 13.49.

The Standard Poor’s 500-stock index rose 11.10 points, or 0.76 percent, to 1,472.12 on Thursday, which was 6 percent below the all-time closing high of 1,565.15 it hit on Oct. 9, 2007.

The Dow Jones industrial average gained 80.71 points, or 0.60 percent, to 13,471.22.

The Nasdaq composite index added 15.95 points, or 0.51 percent, to 3,121.76.

Financials benefited from events this week that helped clarify mortgage rules and banks’ potential exposure to the housing market. The consumer finance watchdog announced mortgage rules on Thursday that will force banks to use new criteria to determine whether a borrower can qualify for a home loan.

Earlier this week, several big mortgage lenders reached a deal with regulators to end a review of foreclosures mandated by the government.

Bank of America gained 3.06 percent, to $11.78, while Morgan Stanley was up 3.67 percent at $20.34, one day after sources said the bank planned to cut jobs.

Shares of the upscale jeweler Tiffany dropped 4.52 percent, to $60.40, after it said sales were flat during the holidays.

Herbalife stepped up its defense against the activist investor William A. Ackman, stressing it was a legitimate company with a mission to improve nutrition and help public health. The stock ended down 1.78 percent, to $39.24.

After the closing bell, American Express said it would cut about 5,400 jobs, and take about $600 million in after-tax charges in the fourth quarter.

Interest rates were higher. The Treasury’s benchmark 10-year note fell 11/32, to 97 18/32, and the yield rose to 1.90 percent from 1.86 percent late Wednesday.

Article source: http://www.nytimes.com/2013/01/11/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Shares Rise as Companies Report Earnings

January 9, 2013 by Leave a Comment

Stocks rose on Wall Street on Wednesday after corporate earnings reports got off to a good start.

The Dow Jones industrial average climbed 61.66 points to 13,390.51. The Standard Poor’s 500-stock index gained 3.87 points to 1,461.02, and the Nasdaq composite rose 14 to 3,105.81.

Stocks are facing their first big challenge of the year as companies start to report earnings for the fourth quarter of 2012. Throughout last year, analysts cut their outlook for earnings growth in the period and now expect them to rise by 3.21 percent, according to data from SP Capital IQ.

“Maybe earnings expectations were a little too low,” Ryan Detrick, a strategist at Schaeffer’s Investment Research, said. “You don’t need to have great earnings, you just need to beat those expectations” for stocks to rally, he said.

Early indications were decent. The aluminum maker Alcoa reported late Tuesday that it swung to a profit for the fourth quarter, with earnings that met Wall Street’s expectations. The company brought in more revenue than analysts had expected, and the company predicted rising demand for aluminum this year as the aerospace industry gains strength. Alcoa is usually the first Dow component to report earnings every quarter.

Despite the better revenue number, Alcoa’s stock performance Wednesday was lackluster. It traded higher for part of the day, then ended down 2 cents at $9.08 a share.

Other companies fared better after reporting earnings. Helen of Troy, which sells personal care products under brands like Dr. Scholl’s and Vidal Sassoon, rose 2.7 percent, up 90 cents to $34.43 after reporting a 15 percent increase in quarterly net income.

Boeing was the biggest gainer of the 30 stocks in the Dow. It jumped 3.5 percent, up $2.63 to $76.76, after two days of sharp declines set off by new problems for its 787 Dreamliner. Boeing said it had “extreme confidence” in the plane even as federal investigators tried to determine the cause of a fire on Monday aboard an empty Japan Airlines plane in Boston and a fuel leak in another Japan Airlines 787 on Tuesday.

The wireless network operator Clearwire rose 7.2 percent, or 21 cents, to $3.13, after Dish network made an unsolicited offer to buy the company, which has already agreed to sell itself to Sprint. Dish rose 88 cents to $36.85, and Sprint fell 9 cents to $5.88.

The online education company Apollo Group fell 7.8 percent after reporting a sharp decline in fall term student sign-ups at the University of Phoenix, which it operates. The stock fell $1.62, to $19.32 a share.

Interest rates were steady. The Treasury’s benchmark 10-year note rose 1/32, to 97 29/32, and the yield was unchanged at 1.86 percent.

Article source: http://www.nytimes.com/2013/01/10/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Shares Close at Five-Year High

January 4, 2013 by Leave a Comment

Stocks advanced on Wall Street on Friday, with the Standard Poor’s 500-stock index eclipsing its five-year closing high, after a jobs report showed American employers kept the pace of hiring steady in December.

The S.P. 500 ended up 0.5 percent at 1,466.47, the Dow Jones industrial average gained 0.3 percent, and the Nasdaq composite index added a point. For the week, the S.P. 500 added 4.6 percent, the Dow rose 3.8 percent and the Nasdaq jumped 4.8 percent, their largest weekly percentage gains in more than a year.

The Labor Department said payrolls outside the farming sector grew by 155,000 jobs last month, slightly below November’s level. Gains in employment were distributed broadly throughout the economy, from manufacturing and construction to health care.

Though the jobs data showed that lackluster economic growth was unable to make a dent in the still-high unemployment rate in the United States, it appeared to calm fears about the possibility of the Federal Reserve ending its highly stimulative monetary policy.

“When it comes to Fed policy, this report should keep policy steady,” said Tom Porcelli, chief United States economist at RBC Capital Markets in New York.

Minutes from the Fed’s December policy meeting, released Thursday, showed Fed officials were increasingly worried about the risks of asset purchases on financial markets, though they looked set to continue with the open-ended stimulus program for now.

The Fed’s policy of easy credit helped push the S.P. 500 to a 13.4 percent gain in 2012. Ending that policy would remove an incentive for investors to purchase riskier assets like stocks.

Eli Lilly said it expected 2013 earnings to increase to $3.75 to $3.90 a share excluding items, from $3.30 to $3.40 per share in 2012. The stock rose 2.5 percent.

Japan’s Nikkei share average climbed nearly 3 percent to a 22-month high on its first trading day of 2013 on Friday, as a deal in Washington to avert fiscal disaster buoyed investors’ appetite for risk, and the weaker yen lifted exporters such as Toyota. Japan’s markets were closed Thursday for a holiday.

European stock markets ended the day higher.

Article source: http://www.nytimes.com/2013/01/05/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Stocks Retain Most of Their Gains

January 3, 2013 by Leave a Comment

Stocks gave up some of their gains on Wall Street on Thursday following a rally in the previous session.

The advance on Wednesday was spurred by a deal by lawmakers in Washington to avert automatic budget cuts and tax increases that were due to kick in this year.

The broad-based Standard Poor’s 500-stock index ended down 0.2 percent. The Dow Jones industrial average also lost 0.2 percent, and the Nasdaq composite index fell 0.4 percent.

In earlier trading, the indexes had been slightly positive. But they pulled back after the minutes of the last Federal Reserve meeting showed that officials spoke about ending a new round of asset purchases by the middle of 2013, less than a year after the start of its latest effort to drive down unemployment.

An industry report showed that private-sector employers added 215,000 jobs in December, well above economists’ expectations for a gain of 133,000 jobs, according to a Reuters survey.

“The underlying economy has momentum, and the employment data confirms that,” said John Brady, managing director at R.J. O’Brien Associates in Chicago. “The political issues in Washington counter the momentum we’re seeing in the economy, but you might see still equities grind higher today on this.”

A separate report showed the number of Americans filing new claims for unemployment benefits rose last week, but the data was distorted by year-end holidays.

Wall Street began the new year Wednesday with its best performance in more than a year, sparked by a last-minute deal in Washington to avert automatic massive tax increases and spending cuts that, in a worst-case scenario, would have hurt the nation’s economic growth.

Costco Wholesale reported a better-than-expected 9 percent rise in December sales at stores open at least a year, mainly helped by an additional sales day in the reporting period. Costco shares were up 1 percent.

Family Dollar Stores reported a lower-than-expected quarterly profit as its emphasis on selling more everyday items like cigarettes and soft drinks put pressure on margins. The stock fell 13 percent.

Major European shares were mostly down modestly, although the FTSE 100 in London rose 0.3 percent.

Article source: http://www.nytimes.com/2013/01/04/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Markets Try to Look Past Budget Deal

December 19, 2012 by Leave a Comment

Stocks in the United States traded slightly lower on Wednesday as traders watched the latest offers in budget negotiations in Washington, while technology shares were lifted by strong results from Oracle.

In morning trading, the Standard Poor’s 500-stock index fell 0.2 percent, the Dow Jones industrial average lost 0.1 percent and the Nasdaq composite index slipped 0.1 percent. European shares were modestly higher in late trading.

The S.P. 500 was on track to extend its best two-day run in a month, a sign that investors were trying to look past the combination of tax increases and spending cuts that many experts fear could push the economy into recession if they take effect next year.

President Obama’s most recent offer to Republicans made concessions on taxes and social programs spending, amid concerns from Senate Democrats. House Speaker John Boehner said he remained hopeful about an agreement, though the offer was “not there yet.”

“Both Obama and Boehner have been making concessions, suggesting a deal will get done before the deadline, resulting in an acceleration in stock buying,” said Adam Sarhan, chief executive of Sarhan Capital in New York.

Tech shares will be in focus a day after Oracle reported earnings that beat expectations on strong software sales growth. Shares rose 2.7 percent.

FedEx reported second-quarter revenue that beat expectations, but said its earnings in the quarter had been impacted by Hurricane Sandy. Shares rose 1.3 percent.

The S.P. has gained 2.3 percent over the last two sessions, the first time it has notched two straight days of 1 percent gains since July. Markets have been supported by any indication agreement might be reached, with banks and energy shares — groups that outperform during periods of economic expansion — leading gains.

“We’ve been breaking above levels of resistance, including the 50-day moving average and the November high, so from a technical standpoint, we’re seeing a lot of improvement,” Mr. Sarhan said. “We’re set up for a strong 2013.”

Trading volume has been light ahead of the holidays and as some caution remains over the budget negotiations. Equities have struggled to gain ground in recent weeks amid signs there was little room for compromise between the two political parties.

The Knight Capital Group climbed 4.1 percent after it agreed to be bought by Getco Holdings in a deal valued at $1.4 billion. The stock, which was devastated by a near-fatal trading error in August, remains down about 76 percent so far this year.

General Mills reported earnings that beat expectations and raised its full-year profit view, citing a recent acquisition which lifted sales. Shares gained 1.5 percent.

Housing starts fell 3 percent in November, impacted by Hurricane Sandy.

Article source: http://www.nytimes.com/2012/12/20/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Shares Are Mixed After Jobs Report

December 8, 2012 by Leave a Comment

Stocks were mostly higher on Friday, lifted by a positive report from the Labor Department on job creation and the unemployment rate.

Trading was light, continuing the week’s trend of slight moves and anemic volume. The Standard Poor’s 500-stock index gained 0.1 percent for the week after several volatile sessions.

Stocks opened higher after the nonfarm payrolls report, which showed 146,000 jobs added in November, far more than had been expected, while the unemployment rate fell to 7.7 percent. A poor reading on consumer sentiment caused an erosion of those gains, though markets rebounded later.

The Thomson Reuters/University of Michigan consumer sentiment index for early December fell to its lowest level since August. Sentiment declined on growing concerns over the fiscal debates in Washington, which have been a major factor preventing broader moves as well.

“We’re not as concerned as we were a few months ago because of improvement like you can see in the employment number, but there’s such a wild card over” the fiscal talks, Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, said. “There are such concerns about what could happen that markets will be overhung until a resolution is more certain.”

One of the biggest drags on the Nasdaq was Apple, which fell 2.6 percent to $533.25, extending its losses for the week to 8.9 percent. This was the worst week for the stock since May 2010.

The Dow Jones industrial average gained 81.09 points, or 0.62 percent, to close at 13,155.13. The Standard Poor’s 500-stock index rose 4.13 points, or 0.29 percent, to 1,418.07. The Nasdaq composite index slipped 11.23 points, or 0.38 percent, to close at 2,978.04. For the week, the Nasdaq was down 1.1 percent, hurt largely by the decline in Apple. The Dow, which does not count Apple as a component, rose 1 percent for its third consecutive week of gains. The S. P. 500 was also up for three consecutive weeks, rising 4.3 percent over that period.

The equity market has regained most of the ground it lost after President Obama’s re-election as markets turned their focus to the tax increases and spending cuts that are coming if Congress and the president fail to reach a budget agreement. Market response to macroeconomic data remained muted as negotiations continued to command investors’ attention.

The House speaker, John Boehner, said talks this week with Mr. Obama had produced no progress. He renewed his demand that the president make a new offer to avert the series of tax increases and spending cuts that are likely to hurt economic demand in 2013.

Material shares were the strongest performers of the day. Freeport-McMoRan Copper and Gold gained 2.9 percent, to close at $31.70 Dow Chemical added 2.2 percent, to $30.30.

Amarin, a biopharmaceutical company, fell 18.9 percent, to $9.69, in New York. It raised $100 million in financing to help it introduce its heart drug, Vascepa, but it disappointed investors, who had hoped for a sale or partnership.

CombiMatrix, a medical research company, gained 336.6 percent, to $8.60, after the company said two studies published in a medical journal favored technology it uses for prenatal diagnosis of genetic abnormalities over traditional technologies.

Groupon, the online coupon provider, was one of the day’s leading gainers, rising 88 cents, or 23 percent, to $4.68, but it was still well below the $24.58 it reached in February.

Interest rates were higher. The Treasury’s benchmark 10-year bond fell 3/32, to 100 1/32, and the yield rose to 1.62 percent from 1.59 percent late on Thursday.

Article source: http://www.nytimes.com/2012/12/08/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Blue-Chip Shares Jump

December 5, 2012 by Leave a Comment

Blue-chip stocks rebounded on Wall Street on Wednesday, with a 5 percent gain in Travelers leading the way.

The Dow Jones industrial average gained 0.6 percent, or about 82 points, by the close of trading. The broader Standard Poor’s 500-stock index added 0.2 percent, while the technology-heavy Nasdaq composite index fell 0.8 percent.

In economic reports, data showed that private-sector employers in the United States added 118,000 jobs in November, shy of economists’ expectations.

Apple shares were down 6 percent and accounted for a chunk of the Nasdaq sell-off. Market participants cited a consulting firm’s report about the company losing share in the tablet market, and reports that margin requirements had been raised by at least one clearing firm.

Freeport-McMoRan Copper Gold said it would acquire Plains Exploration Production and McMoRan Exploration for $9 billion in cash and stock in a major expansion into energy. Freeport shares were off 13.4 percent.

Walt Disney gave a much-needed boost to Netflix, becoming the first major Hollywood studio to use the video service to bypass premium channels like HBO that traditionally controlled the delivery of movies to TV subscribers. Netflix shares were down 1.6 percent after a 14 percent jump on Tuesday.

In Europe, shares closed mixed. The FTSE 100 index in London rose 0.2 percent.

The new chief of the Chinese Communist Party, Xi Jinping, said the country would maintain its fine-tuning of economic policies in 2013 to ensure stable economic growth. That sparked a rally in Chinese shares, with the Shanghai composite index surging 2.9 percent.

“Investors’ bullish receptors were earlier tickled by overnight events in China, where the new leadership announced a drive toward ‘urbanization’, which means more infrastructure investment,” said Andrew Wilkinson, chief economic strategist at Miller Tabak Co. in New York.

Nokia is to partner with China Mobile, the world’s biggest cellular service operator, to introduce a version of its flagship Lumia smartphone tailored for the world’s largest market. Wall Street-listed shares of Nokia rose 6 percent.

Wall Street equities finished slightly lower in quiet trading Tuesday as the back-and-forth wrangling in Washington over the government budget gave investors little reason to act.

Article source: http://www.nytimes.com/2012/12/06/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Stocks Slip Awaiting Budget Movement

November 30, 2012 by Leave a Comment

Wall Street stocks edged down on Friday, the final trading day of the month, amid a cautious mood as investors kept their focus firmly on budget talks in Washington.

The Standard Poor’s 500-stock index slipped 0.3 percent by midday, the Dow Jones industrial average lost 0.2 percent and the Nasdaq composite index fell 0.3 percent.

Trading has been choppy lately, as investors buy on sporadic dips in the market and react to mixed reports regarding progress in talks on averting the spending cuts and tax increases that will come into effect in the new year.

“Thus far, we have nothing,” said Andrew Wilkinson, chief economic strategist, at Miller Tabak Co. in New York, of results of the White House’s discussions with Congress.

Still, “it appears that the market remains comfortable John Boehner’s perspective that there is still a workable framework behind the negotiations,” he said.

House Speaker Boehner said Thursday that no substantive progress had been made in fiscal negotiations with the White House, and criticized Democrats for failing to get serious about including spending cuts in a final deal.

Among individual stocks, Facebook and Zynga revised terms of a partnership agreement between the companies; under the new pact, Zynga will have limited ability to promote its site on Facebook. Zynga shares were down 7.5 percent. Facebook shares were down 1.2 percent.

Whole Foods Market announced a special cash dividend of $2 per share. In expectation of higher dividend tax rates in 2013, companies have been shifting dividends or announcing special payouts to shareholders.

Japan’s Nikkei average hit a seven-month closing high on Friday as a weaker yen, driven by expectations the Bank of Japan will act more boldly under a likely new government following Dec. 16 elections, lifted the shares of exporters.

European shares ended mixed at 15-month highs as investors squared the books on the final trading day of the month, with eyes on American budget talks. The FTSE 100 index in London was up 0.1 percent.

Article source: http://www.nytimes.com/2012/12/01/business/daily-stock-market-activity.html?partner=rss&emc=rss

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A Black Friday Rally

November 24, 2012 by Leave a Comment

The stock market enjoyed some Black Friday cheer in a holiday-shortened trading session, rising solidly as shoppers braved the annual post-Thanksgiving retail rush. Major stock indexes closed one of their best weeks of the year.

Technology stocks surged after a few weeks of selling. Early reports from retailers suggested strong consumer spending.

“Foot traffic appears heavier than we’ve seen in recent years, there are a lot of positive statements out of the companies themselves and momentum appears to be strong,” said Joe Kinahan, chief derivatives strategist at the brokerage firm TD Ameritrade.

Many stores opened earlier than ever this year, Mr. Kinahan said, allowing for earlier informal reports about their performance.

The Nasdaq composite index rose 40.30 points, or 1.38 percent, to 2,966.85. The Dow Jones industrial average gained 172.79 points, or 1.35 percent, to 13,009.68, the first time since Election Day that the Dow closed above 13,000.

The Standard Poor’s 500-stock index added 18.12 points, or 1.3 percent, to 1,409.15. The rally gave the S. P. 500 its biggest weekly point gain since last December — 49 points, or 3.6 percent. The Dow industrials gained 3.3 percent and the Nasdaq 4 percent for the week.

Technology stocks jumped sharply. Dell, Advanced Micro Devices and Hewlett-Packard were the top three gainers in the S. P. Technology rose the most among the index’s 10 industry groups.

The stocks were bouncing back after a broad decline in confidence in tech stocks, Mr. Kinahan said.

Dell rose 49 cents, or 5.41 percent, to $9.55.

A.M.D. jumped 8 cents, or 4.28 percent, to $1.95. The shares dropped sharply in recent weeks as investors fretted about its solvency.

Shares of H.P. plunged 12 percent on Tuesday after executives said a company that H.P. bought for $10 billion last year lied about its finances. H.P. added 50 cents, or 4.19 percent, to $12.44.

Research in Motion jumped $1.40, or 13.65 percent, to $11.66 on growing optimism for an earlier-than-expected introduction of its delayed BlackBerry 10 smartphone. A senior RIM executive said earlier this month that the company would release the new smartphone “not long after” a Jan. 30 event. One analyst saw that as an indication that the products were to be unveiled in February.

Stocks started strong after news that German business confidence rose in November after six consecutive declines.

In the United States, shares of retailers showed strength as shoppers flocked to malls for Black Friday sales, beginning the period in which many retailers turn profitable for the year. Wal-Mart rose $1.31, or 1.9 percent, to $70.20. Macy’s gained 72 cents, or 1.76 percent, to $41.73.

MAP Pharmaceuticals rose $2.60, or 20.28 percent, to $15.42, after the company announced that the Food and Drug Administration would review its experimental migraine drug Levadex.

KIT Digital fell $1.33, or 64.3 percent, to 74 cents, after the video software and technology company’s former chief executive accused it of blaming previous management for its financial problems. Two days earlier, KIT said it would restate its financial results because of accounting errors.

In the bond market, the price of the 10-year note slipped 4/32, to 99 12/32, while its yield edged up to 1.69 percent from 1.68 percent late Wednesday.

Article source: http://www.nytimes.com/2012/11/24/business/daily-stock-market-activity.html?partner=rss&emc=rss

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Stock Indexes Fall on Weak Earnings Forecasts

November 17, 2012 by Leave a Comment

Wal-Mart Stores, Ross Stores and Limited Brands, the owner of Victoria’s Secret, all fell after issuing forecasts that disappointed financial analysts. Wal-Mart dropped $2.59, or 3.6 percent, to $68.72.

The Dow Jones industrial average closed at 12,542.38, down 28.57 points. The Standard Poor’s 500-stock index dropped 2.16 points to 1,353.33, and the Nasdaq composite index finished 9.87 points lower at 2,836.94.

Stocks have fallen steadily since voters returned President Obama and a divided Congress to power. The Dow has lost 5 percent since Election Day, Nov. 6.

Investors are worried that government leaders may not reach a deal before tax increases and government spending cuts take effect on Jan. 1. The impact would total more than $600 billion for 2013 and could send the country back into recession.

E. William Stone, chief investment strategist at the PNC Asset Management Group in Philadelphia, said the bargaining in Washington was likely to drag on until next year, weighing on stocks. “It’s hard to see the market getting a whole ton of traction until that gets settled,” he said.

President Obama will meet with Congressional leaders on Friday to talk about the budget, but he appeared to suggest on Wednesday that he would insist on an increase in tax rates for the wealthy.

T. Dale, a portfolio manager at Security Ballew Wealth Management in Jackson, Miss., said stocks were more likely to fall than to rise, partly because of the budget impasse and slowing global economic growth.

Hurricane Sandy drove the number of people seeking unemployment benefits up to 439,000 last week, the Labor Department reported. Applications for benefits rose 78,000, with a large number of them filed in storm-damaged states.

The European Union’s statistics agency confirmed that the euro zone, the group of 17 countries that use the euro currency, was in recession. The economy in the region shrank 0.1 percent in the third quarter from the previous three-month period.

Among the retailers disappointing Wall Street with lower earnings forecasts was Ross Stores, whose stores include Ross Dress for Less. Its shares fell 69 cents, or 1.3 percent, to $54.44. Limited Brands dropped $1.10, or 2.4 percent, to $45.50.

Interest rates were steady. The Treasury’s benchmark 10-year note fell 2/32, to 100 9/32, and the yield was unchanged at 1.59 percent.

Among stocks making big moves, NetApp, a data storage business, jumped $3.08, or 11.4 percent, to $30.20 after the company reported higher earnings than analysts had expected.

Viacom, the owner of Nickelodeon, MTV and the Paramount movie and television studio, rose $1.24, or 2.6 percent, to $49.23. The media conglomerate did better than investors had expected because of lower costs and higher fees from cable and satellite companies for carrying its cable networks.

PetSmart, a specialty pet retailer, rose $2.63, or 4.1 percent, to $67.48 after raising its full-year outlook.

Target rose $1.06, or 1.7 percent, to $62.44 after reporting that its profit increased more than analysts had forecast. The company also issued a strong outlook heading into the holiday season.

Dollar Tree, a discount retailer that sells items for $1 or less, gained $1.94, or 5.1 percent, to $39.70 after the company said its net income rose 49 percent in the third quarter.

Apple’s market value fell below $500 billion for the first time since May, as its shares dropped $11.26, or 2.1 percent, to $525.62. The company’s market value rose as high as $658 billion on Sept. 19, according to FactSet, a research firm.

Article source: http://www.nytimes.com/2012/11/16/business/daily-stock-market-activity.html?partner=rss&emc=rss

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