Issue link: https://www.epageflip.net/i/36967
8B Daily News – Wednesday, July 20, 2011 NEW YORK (AP) — Strong profits and a bipar- tisan plan to lift the U.S. debt limit drove a stock market rebound Tuesday. Stock indexes rose after Coca-Cola, IBM and other companies reported better second-quarter earnings. The indexes added to their gains in the afternoon after President Barack Obama backed a proposal by six senators that would cut debt by $3.7 trillion over the next decade and raise the country’s $14.3 trillion debt ceiling. The Dow Jones indus- Stocks rebound on earnings, debt-limit proposal Wall Street trial average gained 202.26 points, or 1.6 per- cent, to close at 12,587.42. That’s the Dow’s largest one-day jump this year. ‘‘It looks like there’s bipartisan support for a robust plan,’’ said Burt White, chief investment officer at LPL Financial in Boston. ‘‘The stock mar- ket had been looking for a reason to have a relief rally. And it looks like they got the start of one today.” The ongoing deadlock in Washington over raising the country’s borrowing limit and Europe’s debt crisis have been weighing on markets this month. The Dow slid five of the previous seven days. The S&P 500 index rose 21.29 points, or 1.6 percent, to 1,326.73. That’s the broader index’s best day since March 3. The Nasdaq gained 61.41 points, or 2.2 percent, to 2,826.52. Tuesday’s gains turned the three major indexes positive for the month. The Dow and Nasdaq are Attention Tehama County Business Operators: Who Will Be Shopping For What In Tehama County? Would you like insight on customer spending and purchasing forecasts for your business category? John Marling, President of Pulse Research, will present the results of a recent nationwide shopping survey released June 30, 2011. Potential numbers of customers and revenue for each type of business category will be discussed. Who Should attend? • Service Business • Car Dealers • Bankers • Retailers • Realtors • Health Care Providers WIN A 4-WEEK DISPLAY AD PROGRAM 20 INSERTIONS - FULL COLOR $749 value - to be awarded by drawing Date: Time: Location: Thursday, July 28, 2011 9:15 AM Complimentary Continental Breakfast & Registration 9:30 - 10:30 AM - Presentation Job Training Center - 718 Main St., Red Bluff or contact your Daily News Advertising Representative Sponsored by: D NEWSAILY RED BLUFF TEHAMACOUNTY T H E V O I C E O F T E H A M A C O U N T Y S I N C E 1 8 8 5 Space is LIMITED- The Presentation is FREE Call (530) 527-2151 x120 • RESIDENTIAL • COMMERCIAL • NEW CONSTRUCTION • SALES • SERVICE • REPAIRS www.CascadeComfort.com Factory Authorized Bryant Dealer CASCADE COMFORT SERVICE INC. Air Conditioning & Heating Your First Call For Comfort 24 HOUR SERVICE 530 529-1990 Lic #593323 Tehama Counties $ 10 OFF SERVICE CALL Mention this ad for Whatever it takessm John Marling, President of Pulse Research now up more than 1 per- cent in July. The S&P 500 is up 0.5 percent. Information technology stocks led industry groups higher after IBM Corp.’s results beat analysts’ esti- mates. Corporate software spending held steady dur- ing the quarter. IBM’s stock rose 5.7 percent. The tech gains could continue Wednesday. Apple Inc. reported anoth- er surge in earnings after the stock market closed as sales of iPhones and iPads again set records. The stock rose 6 percent to $399.53 in after-hours trading. Coca-Cola Co.’s income increased 18 per- cent in the second quarter on stronger sales overseas. The world’s largest bever- age maker raised some prices to offset higher ingredient costs. Coca- Cola’s stock was up 3.3 percent. KeyCorp rose 4.3 per- cent after the Cleveland- based banking company reported a jump in earn- ings thanks to a drop in loan losses. The bank reported income of 25 cents a share, up from 3 cents a share a year ago. Harley-Davidson Inc. rose 8.9 percent, making it the top performing stock in the S&P 500 index. The motorcycle maker report- ed its first increase in U.S. sales since the final quarter of 2006. Sales of its motorcycles, some of which sell for more than $30,000, had languished throughout the economic slump. A jump in housing con- struction lifted the stocks of Lennar Corp. and D.R. Horton Inc. The Com- merce Department said building of new houses and apartments increased 14.6 percent in June from the previous month. Sin- gle-family house construc- tion rose 9.4 percent, the largest increase since June 2009, the month that marked the end of the recession. Much of the monthly increase, howev- er, came from new apart- ment buildings. Bank stocks were mixed. Wells Fargo & Co.’s profit soared 30 per- cent to 70 cents per share on stronger results from lending. Uncollected loans dropped for the sixth quar- ter in a row. The bank’s stock gained 5.6 percent. Both Bank of Ameri- ca Corp. and Goldman Sachs Group Inc. fell after posting disappoint- ing results. Bank of America lost 90 cents per share. That’s more than analysts polled by data provider FactSet expected. The loss includ- ed a $8.5 billion settlement the bank paid to mortgage- bond investors. Monthly Cash Income For Wartime Vets & Spouses! Cash for assisted living or in-home care. No service connected injury required. Our estate planning tools can help you meet the income and asset requirements, even if you have been told you don’t qualify. Contact our office for a free no obligation consultation, so one of our case managers can see if you qualify. 530.529.4329