NEW YORK — Muscular U.S. corporate earnings and brighter spirits in Europe propelled U.S. stocks higher Tuesday. Five of the 30 big companies that make up the Dow Jones industrial average rose more than 1.5 percent.
AT&T led the gains after reporting better-than-expected profit. Verizon, AT&T’s main rival, was close behind. 3M rose sharply after delivering an impressive quarterly report. GE and DuPont rounded out the list of top gainers.
The Dow closed up 74.39 points, or 0.6 percent, at 13,001.56.
The S&P 500 rose 5.03 points, or 0.4 percent, to 1,371.97.
The Nasdaq fell 8.85 points to 2,961.60.
NEW YORK — Apple, the world’s most valuable company, is trumping skeptics once again by reporting blow-out iPhone sales. Apple said it sold 35 million iPhones in its most recent quarter, almost twice as many as it sold a year earlier and more than analysts expected.
Net income in the fiscal second quarter, which ended in March, was $11.6 billion, or $12.30 per share. That was nearly double the net income of $6 billion, or $6.40 per share, a year ago.
Analysts polled by FactSet were expecting earnings of $10.07 per share.
HERSHEY, Pa. — The first quarter was a sweet one for the Hershey Co., which said Tuesday its first-quarter profit rose 24 percent to $198.7 million as higher prices and cost cutting helped offset rising ingredient costs.
Revenue rose 11 percent to $1.73 billion, and the company raised its sales forecast for the year.
Most food makers have been increasing prices to offset rising ingredient costs. Last year Hershey, famous for its chocolate bars, Hershey’s Kisses and Reese’s peanut butter cups, raised prices by nearly 10 percent to offset rising prices for raw materials including sugar, fuel and packaging.
NEW YORK — Americans’ confidence in the economy was resilient in April despite rising job cuts and falling home prices.
The Conference Board, a private research group, said Tuesday its Consumer Confidence Index is at 69.2, down slightly from a revised 69.5 in March. Economists were expecting a reading of 70, according to a FactSet poll. The current level is below February’s 71.6, which is the highest the index has been in about a year.
Consumer confidence is widely watched because consumer spending accounts for 70 percent of economic activity, including major items such as health care.
NEW YORK — Wal-Mart is creating a new global compliance officer position following reports that the world’s largest retailer allegedly covered up results of an internal probe proving that its Mexican subsidiary bribed officials there.
The new leader, who has not been named, will ensure that the discounter complies worldwide with the U.S. law that forbids U.S companies from engaging in bribery and other corrupt practices overseas.