Posted: Tuesday, April 29th 2014 at 4:42pm
Stocks gain on earnings; Cummins, Ameriprise rise
By The Associated Press
NEW YORK (AP) -- The stock market is closing higher as more U.S. companies deliver solid quarterly results.
Merck, Ameriprise Financial and the diesel engine maker Cummins were among the corporations reporting better-than-expected earnings.
The Standard & Poor's 500 index rose eight points, or 0.5 percent, to close at 1,878 Tuesday. Banks and technology stocks rose the most.
The Dow Jones industrial average rose 86 points, or 0.5 percent, to 16,535. The Nasdaq composite increased 29 points, or 0.7 percent, to 4,103.
Some companies posted results that disappointed investors. Coach slumped 9 percent after the luxury goods maker said its profit fell in the first three months of the year.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 percent.
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