by Joshua Freed - Aug. 17, 2012 04:25 PM
Associated Press
NEW YORK - Some positive news from retailers boosted stocks just a little.
The Dow Jones industrial average rose 25.09 points, or 0.2 percent, to 13,275.20. The Standard & Poor's 500 index rose 2.65, or 0.2 percent, to 1,418.16. The Nasdaq rose 14.20 points, or 0.5 percent, to 3,076.59.
Investors liked what they heard from retailers, who reported strong second-quarter earnings - and positive outlooks. Retail stocks rose on positive earnings and outlooks from Gap Inc. and Ann Inc., the parent of retailer Ann Taylor.
Apple hit a new high, rising almost 2 percent to $648.11.
However, declines continued for Facebook and Groupon, the online coupon company.
Facebook hit $19, half the value of its initial public offering. It closed at $19.07. And Groupon, the online coupon company, lost another 5 percent to close at $4.75.
The biggest decliner was health care, down 0.7 percent as pharmaceutical companies declined. Pfizer fell 1 percent, and Merck dropped 1.7 percent.
Computer chip maker Marvell Technology Group Ltd. saw its stock drop 16 percent after a revenue decline sliced its quarterly net income by more than half. Its CEO cited a slowing economy for the trouble.
Global markets edged higher after German Chancellor Angela Merkel gave a new pledge of support for the euro. On Thursday she said that "we feel committed to do everything we can to maintain the common currency." Germany is Europe's economic powerhouse, so its support is critical to the euro's survival.
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