Modest Gains for US Stocks
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iStock/Thinkstock(NEW YORK) — Stocks eked out some small mid-week gains Wednesday. The Dow Jones Industrial Average closed up 19 points at 16,198.41. The Nasdaq Composite added 4 points to close at 4,292.06. The S&P 500 rose just a fraction of a point at 1,845.16.
The release of corporate earnings continues this week, with JCPenney reporting right after Wednesday’s closing bell. The retailer’s fourth-quarter numbers were worse than analysts expectations.
The housing market may be rebuilding momentum, according to the latest data. New home sales hit a five-year high pace last month. Economists say they were surprised because they had expected bad weather to keep people from looking at homes — and buying them.
Longer-term loans are driving the car business. JD Power and Associates says loans of at least 72 months or six years accounted for almost a third of car purchases this month. A growing number of drivers are also opting to lease instead of buy.
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