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Tuesday Sees Upbeat Results with the Dow’s Biggest Gain Since Sept. 13

By: , dated October 16th, 2012
Stocks were up for the second day in a row after several strong quarterly earnings reports, news of low September inflation and continuing hopes for a Spanish bailout. Dow industrials saw the biggest gain since September 13 and closed at the highest level in more than one week. Citigroup’s (C) CEO Vikram Pandit announced on Tuesday that he will be stepping down, surprising many investors. In earnings news, Coca-Cola (KO) reported nearly 4% profit increase for the third quarter and tech stocks like Yahoo (YHOO), IBM (IBM) and Intel (INTC) also all saw gains. Johnson & Johnson (JNJ) noted a third-quarter drop in profit but beat expectations from Wall Street. The euro rallied to a one-week high against the US dollar while the yen weakened on speculation on more easing from the Bank of Japan.

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