U.S. stocks advanced Tuesday, with the Dow Jones Industrial Average gaining 86 points to close at 12,218, a fresh record, while the S&P 500 rose to 1,393, its highest level in six years.
Strong earnings from major retailers helped drive the rally. Wal-Mart posted third-quarter net income of 2.65 billion dollars, an 11 percent increase driven largely by international sales, topping analyst forecasts. Target reported a 16 percent profit gain to 506 million dollars, also surpassing expectations.
A sharp drop in producer prices added to the positive sentiment. October wholesale prices fell 1.6 percent, matching the steepest monthly decline on record and far exceeding the 0.5 percent drop economists had anticipated.
The Nasdaq rose about 1 percent to 2,430, while the dollar slipped against both the euro and the yen. Gold edged up 3.50 dollars to 627 dollars per ounce.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.