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April 23, 2013 05:32 PM

Tuesday Evening Business Brief

Strong earnings reports have again sent the stock market higher. Coach, Lockheed Martin, DuPont and Travelers all rose after posting better-than-expected results. Markets swooned briefly, then quickly recovered, shortly after 1 p.m. when The Associated Press' Twitter account was hacked and a fake tweet was posted about an attack at the White House. The Dow finished with a 152-point gain at 14,719. The S&P 500 index added 16 points to 1,579 and the Nasdaq rose 36 points to 3,269.

  • Apple's latest quarterly financial results show net income fell 18 percent and revenue rose a modest 11 percent, but those numbers are better than expected. And, Apple is opening the doors to its vault. The company says it will distribute $100 billion in cash to its shareholders over two years, raising its dividend by 15 percent and buying back $60 billion in shares.
  • There's a fresh batch of corporate financial reports out following the market's close. Norfolk Southern says its first-quarter profit improved 10 percent, beating Wall Street expectations. Amgen also beat predictions. The biotech giant's net income rose 21 percent. Delta Air Lines posted a small profit, while AT&T's earnings matched expectations.
  • Air travel has been smoother, but the government is warning passengers that the situation can change by the hour as it runs the nation's air traffic control system with a smaller staff. Thousands of air-traffic controllers are being forced to take furloughs because of mandatory budget cuts. Airlines and members of Congress are urging the Federal Aviation Administration to find other ways to make the cuts.
  • FedEx says it signed a seven-year, $10.5 billion deal to keep hauling air mail for the U.S. Postal Service. The deal calls for FedEx to carry Express Mail and Priority Mail between U.S. airports. FedEx says it has been providing a similar service for 12 years, but the new contract gives the Postal Service flexibility to respond to future changes amid a financial crunch.
  • Business
  • Economy/Stocks
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