Stocks mostly higher on earnings gains; Apple up
NEW YORK (AP) — U.S. stocks are mostly higher in midday trading, led by the technology sector after Apple reported a big earnings gain.
Apple also announced a stock split, a dividend increase and a larger share repurchase program. The stock gained 8 percent. Caterpillar also rose after posting better-than-expected results.
3M was among those companies whose results disappointed investors. Defense contractor Raytheon also fell after its results came up short of forecasts.
The Standard & Poor’s 500 index rose six points, or 0.4 percent, to 1,882 as of noon Eastern time Thursday.
The Dow Jones industrial average edged up 29 points, or 0.2 percent, to 16,474. The Nasdaq composite rose 31 points, or 0.7 percent, to 4,157.
Bond prices fell slightly. The yield on the 10-year Treasury note edged up to 2.71 percent.