Stocks rose on Tuesday, driving the Dow Jones industrial average back above its 14,000-point perch.
The Dow closed at 14,018.70, up 47.46 points or 0.3 per cent. The broader S&P 500 closed at 1519.43, up 2.42 points or 0.2 per cent. In Canada, the S&P/TSX composite index closed at 12,789.02, up 40.87 points or 0.3 per cent.
Avon Products surged 20.3 per cent after reporting its fourth quarter results, topping expectations despite a quarterly loss and a 1 per cent retreat in revenue. The company’s chief executive said the results showed early signs of stabilization following a difficult period.
Apple Inc.’s chief executive Tim Cook responded directly to hedge fund manager David Einhorn’s demands that the cash-rich company start distributing more of its $137-billion (U.S.) stockpile. While Mr. Cook called the issue a “sideshow”, he also said that Apple was carefully considering Mr. Einhorn’s proposal. The share price, however, fell 2.5 per cent.
An executive at Intel Corp. said the chipmaker will expand into television services this year with live streaming and on-demand content. The share rose 0.8 per cent.
U.S. financials showed some strength. Bank of America Corp. rose 3.3 per cent and JPMorgan Chase & Co. rose 1 per cent.
Homebuilders were also strong: PulteGroup Inc. rose 5.3 per cent and D.R. Horton rose 4.9 per cent.
Coca Cola Co. fell 2.7 per cent after reporting a 13 per cent rise in its quarterly earnings. However, revenue missed expectations, with weak operations in Europe and China.
Commodities were relatively stable. Crude oil rose to $97.51 a barrel, up 48 cents. Gold rose to $1,649.60 an ounce, up 50 cents. Suncor Energy Inc. rose 0.8 per cent and Barrick Gold Corp. rose 0.7 per cent.