Issue link: https://www.epageflip.net/i/105086
6A Daily News – Wednesday, January 23, 2013 US stocks rise as tech, industrial earnings roll in NEW YORK (AP) — Strong earnings reports from big U.S. companies helped push the Dow Jones industrial average to its eighth gain in nine sessions Tuesday. DuPont, Verizon and Travelers Cos., three of the 30 stocks that make up the Dow, closed higher after reporting their financial results for the final quarter of 2012. The Dow closed up Wall Street 62.51 points, or 0.5 percent, at 13,712.21. The Standard & Poor's 500 index gained 6.53, or 0.4 percent, to 1,492.51. The Nasdaq composite average rose 8.47, or 0.3 percent, to 3,143.18. The indexes spent the morning edging between small gains and losses. Around noon, the Dow rose decisively and stayed higher for the rest of the day. Earnings have been strong enough this season to drive a five-day winning streak for the S&P 500 and put the Dow on track for its biggest monthly percentage gain since October 2011. Jack Ablin, chief investment officer at BMO Private Bank in Chicago, said traders have been encouraged by the number of companies beating analysts' profit expectations. BUY TICKETS NOW & SAVE ''Granted, we have diminished expectations, but companies are doing a decent job beating on the profit side,'' he said. The revenue side of the equation has been weaker, Ablin said, preventing a stronger updraft for stocks. Traders might gain more confidence if companies reported stronger demand from emerging markets and Europe, he said. ''The U.S. has been pulling this wagon by itself for the last couple years, and now we're facing some austerity measures. We could certainly use a hand,'' he said. Among the Dow components that reported early Tuesday, chemical and bioscience company DuPont reported a sharp drop in net income on weakness in its electronics, communications and other businesses, but the results still beat analysts' forecasts. DuPont's stock closed up 83 cents, or 1.8 percent, at $47.82. Johnson & Johnson said higher sales helped boost its profit from a year ago, when results were weighed down by a slew of one-time charges. However, the company's 2013 profit forecast fell short of analysts' estimates. J&J dropped 54 cents, or 0.7 percent, to $72.69. Verizon Communications Inc. rose after the country's biggest wireless carrier said it activated a record number of new devices on contract-based plans in the fourth quarter. Verizon's net loss widened on restructuring and pension costs and expenses related to the cleanup from Superstorm Sandy. Its stock rose 40 cents, or 0.9 percent, to $42.94. A fourth member of the Dow 30, property and casualty insurer Travelers Cos., rose strongly after it said core income categories like investments and premiums written rose. Net income fell because of claims filed in the wake of Superstorm Sandy. The stock shot up $1.64, or 2.2 percent, to $77.95, an all-time closing high. Travelers has risen nearly 27 percent over the past 12 months. The market was closed on Monday for the Martin Luther King Jr. holiday. Tech behemoths Google and IBM reported solid earnings gains after the market closed. Tech companies' results are being watched closely because many of them have warned about a weak fourth quarter. Google soared after saying its fourth-quarter earnings rose 7 percent as online advertisers spent more money in pursuit of holiday shoppers. The stock gained $29.13, or 4.1 percent, to $732 in after-hours trading. IBM said its net income rose 6 percent. The stock rose $6.82, or 3.5 percent, to $202.90 in late trading. RAWLICIOUS TICKET OUTLETS Red Bluff: Red Bluff Bull & Gelding Sale Office - Antelope Blvd., Pauline Davis Pavilion (January 22-26, 2013) Anderson: Boot Barn - Factory Outlets Chico: Boot Barn - Esplanade Los Molinos: Mill Creek Restaurant A raw cuisine class taught by Rose Bowen with a different twist! SEATS AVAILABLE IN • VIP SEATING includes: Preferred Seating & Mexican Fiesta by Carlito's Mexican Restaurant "Best Mexican Food in Red Bluff" • ARENA SEATING: Arena floor • GENERAL ADMISSION: Grand Stands SCHEDULE OF EVENTS: Invitational FFA Calf Scramble Lil' Buckaroos Bull Riding (7 & under) Ranch Hand Saddle Bronc Riding Bull Riding - (Exclusively featuring Kish Bucking Bulls) Dance: Chad Bushnell & The Chad Bushnell Band BUY EARLY SELLS OUT JANUARY 26, 2013 GATES OPEN @ 5PM – RODEO @ 7PM Walk into the world of raw food and see how easy it is to start and all the benefits, it offers, like health, weight loss, and better nutrition. You will learn the following: the difference between juicing and smoothies, new techniques & tips for raw cuisine, modified raw & how to transition into raw. Tehama District Fairgrounds, Pauline Davis Pavilion Tuesday January 29th • 6:30-8:30 pm Red Bluff Seventh-Day Adventist Church 720 So. Jackson St. Red Bluff, CA 96080 Held in conjunction with Red Bluff Bull & Gelding Sale Registration Required BUY YOUR TICKETS ONLINE @ Call Loree @ (530) 527-5077 $5.00 fee WWW.REDBLUFFBULLSALE.COM DAILY NEWS RED BLUFF This ad co-sponsored by TEHAMA COUNTY A raw meal will be served, with samples, for your sweet tooth.