Business Briefs

Stocks down slightly despite rise in Dow

NEW YORK -- Stocks fell modestly Tuesday after three days of big gains. The Dow Jones industrial average rose 12 points, but its advance was largely due to a jump after DuPont reported strong earnings. Broader market indexes fell slightly, and there were more losers than gainers on the New York Stock Exchange.

Investors have been torn over the past few months between buying on companies' upbeat reports and selling on government and private sector numbers that keep pointing to a slowing of the economy. When earnings reports are done, unsettling data on jobs, housing and consumer spending will dominate trading, and may well lead to more selling.

Norfolk Southern net income surges

NEW YORK -- Norfolk Southern said Tuesday that second-quarter earnings surged 59 percent to $392 million, as rail shipments increased, prices rose and efficiency improved in the recovering economy. Revenue rose 31 percent to $2.43 billion.

In another positive sign, the company said it has brought back nearly all the employees furloughed during the recession. It also is hiring some employees in areas where business is best. It still has about 8,000 rail cars in storage, compared with about 35,000 at the peak of the recession.

Norfolk Southern expects shipping volume improvements to remain steady throughout the year. Shipments jumped 22 percent in the second quarter.

DuPont's earnings in 2Q almost triple

NEW YORK -- Chemical maker DuPont said Tuesday its net income nearly tripled in the second quarter as revenue surged in most of its businesses and it raised prices.

The Wilmington, Del.-based company also raised its earnings forecast for the year, saying it expects to continue to benefit from higher prices, growing sales and better efficiency.

DuPont, which makes a wide range of chemicals and many other products including Teflon and Kevlar, said its net income rose to $1.16 billion. The company is building a Kevlar plant near its existing site in Berkeley County.

Housing prices rise 1.3 percent in May

NEW YORK -- Home prices rose in May for the second straight month as federal tax incentives pulled more buyers into the market. The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday posted a 1.3 percent increase in May from April.

Nineteen of 20 cities showed price gains month over month. Minneapolis and Atlanta led the way with 2.8 percent and 2 percent increases, respectively. And San Diego posted its 13th straight monthly gain. Charleston is not included in the index.

Force Protection eyes Canadian job

Force Protection Inc. said Tuesday it has teamed up with a Canadian engineering and construction company to pursue a contract order for up to 600 vehicles.

The Ladson-based manufacturer, which makes armored vehicles used to protect military personnel in overseas combat, has partnered with SNC-Lavalin Defense Contractors Inc. to compete for the Canadian government's order.

The winner is expected to be announced next year.