Dow pushes toward 14,000
Pfizer helped keep the stock-market rally alive Tuesday. The drug maker’s stock gained after posting strong earnings, pushing the Dow closer to 14,000.
The Dow Jones industrial average rose nearly 73 points to close at 13,954.42 points, ending higher for the seventh day in eight. The Standard and Poor’s 500 also rose, adding 8 points to 1,507.84 points. The Nasdaq composite dropped less than a point to 3,153.66.
The January rally looked as if it was running out of steam Monday as stocks pulled back from their highs, but Tuesday they resumed their ascent toward record levels.
The Dow is 6.5 percent higher this month, and the S&P 500 is up 5.7 percent. Both indexes are at their highest levels in more than five years.
Apple unveils iPad with more memory
Apple says it will sell an iPad with more memory than the current models available.
Apple Inc. said Tuesday that the new, full-size model comes with 128 gigabytes of memory, up from 64 gigabytes. Nothing else has changed, so it will remain a fourth-generation iPad, which went on sale in November. The memory increase does not apply to the iPad Mini, which also went on sale in November.
The new iPad will go on sale Tuesday for $799 for a Wi-Fi model and $929 with cellular-data access as well.
Apple says it has sold more than 120 million iPads since their debut in April 2010. The latest iPads with 16, 32 and 64 gigabytes remain available, starting at $499. The older iPad 2 starts at $399.
Amazon posts lower 4th-quarter income
Amazon’s fourth-quarter net income fell 45 percent, as sharply higher revenue failed to keep pace with increased spending on order fulfillment and digital content, a trend that’s become the norm for the world’s largest online retailer.
The company’s financial results missed Wall Street’s expectations — but investors sent the world’s top online retailer’s stock up more than 7 percent in after-hours trading.
Home prices rise
U.S. home prices accelerated in November compared with a year ago, pushed higher by rising sales and a tighter supply of available homes.
The Standard & Poor’s/Case-Shiller 20-city home- price index rose 5.5 percent in November compared with the same month a year ago. That’s the largest year-over-year gain in six years.
All but one of the cities in the index posted annual gains. The largest gain was in Phoenix, where prices jumped nearly 23 percent. It was followed by San Francisco, where prices rose 12.7 percent, and Detroit, where they increased 11.9 percent. New York was the only city to report a drop from a year ago.
From wire reports