NEW YORK (AP) — U.S. stocks held
at record levels on Tuesday as investors digested the most recent
economic news and third-quarter company earnings.
KEEPING SCORE:
The Standard & Poor's 500 index rose less than a point to 2,038 as
of noon Eastern. The Dow Jones industrial average rose five points, less
than 0.1 percent, to 17,619. The Nasdaq composite was flat at 4,651.
TRADE
HOPES: President Barack Obama said Tuesday that the U.S. and China have
reached an agreement to drop tariffs on a range of technology products
including medical devices, global positioning systems, and video game
consoles. Obama made the announcement during a meeting with leaders
attending an Asia-Pacific economic summit in Beijing.
THE
END OF EARNINGS: Most companies in the S&P 500 have now reported
their results for the third quarter. Average earnings for companies in
the index are projected to have risen 8.9 percent in the period,
according to analysts at S&P Capital IQ. At the start of last month
earnings were forecast to grow by 6.7 percent.
HOUSING HELP: Home
builders had another good day after D.R. Horton reported a 38 percent
surge in net orders for the fourth quarter. The company's stock climbed
35 cents, or 1.5 percent, to $23.79. Home builders gained Monday after
luxury home builder Toll Brothers reported a jump in revenues.THE QUOTE: Stocks will likely move "sideways to up" for the remainder of the year, said James Liu, Global Market Strategist at J.P. Morgan Funds. Earnings "continue to look good," he said.
While earnings remain strong, the market could face volatility as investors fret about the potential timing of the Federal Reserve's first increase in interest rates since 2006. "That's my largest area of concern," Liu said.
EUROPE'S
DAY: France's CAC 40 added 0.5 percent to 4,244 and Germany's DAX rose
0.2 percent to 9,369. Britain's FTSE 100 rose 0.2 percent to 6,627.
CURRENCIES,
BONDS: The dollar rose 0.1 percent to 115.86 yen. The U.S. currency was
little changed against the euro at $1.2428. Bond trading was closed for
Veterans Day.
ENERGY:
Benchmark U.S. crude fell 60 cents to $76.80 a barrel on the New York
Mercantile Exchange. It fell $1.25 to close at $77.40 a barrel on
Monday.