The US stock market closes higher following better earnings, corporate news


NEW YORK, N.Y. – The U.S. stock market is closing slightly higher following some strong corporate earnings.

The Dow Jones industrial average gained 61 points, or 0.4 per cent, to close at 16,713 on Thursday. The Standard & Poor’s 500 index rose eight points, or 0.4 per cent, to 1,955.

The Nasdaq composite climbed 18 points, or 0.4 per cent, to 4,453.

Retailer Kohl’s rose 3 per cent after reporting income that beat analysts’ expectations.

The Class A shares of Warren Buffett’s Berkshire Hathaway traded above $200,000 for the first time.

Cisco fell 3 per cent after the network equipment maker reported lower sales and profits. Cisco also said it would lay off 8 per cent of its workforce.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.40 per cent, near its lowest level of the year.

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