Stocks edge higher as tech rebounds and cruise lines rise

U.S. stocks are higher Tuesday afternoon. Cruise lines are rising after Carnival had a stronger third quarter than analysts expected and technology companies are climbing after a steep loss a day ago. Small-company stocks continue to set record highs.

KEEPING SCORE: The Standard & Poor’s 500 index added 3 points, or 0.1 percent, to 2,499 as of 2:30 p.m. Eastern time. The Dow Jones industrial average rose 13 points, or 0.1 percent, to 22,309. The Nasdaq composite gained 21 points, or 0.3 percent, to 6,392 after a drop of 0.9 percent on Monday. The Russell 2000 index of smaller-company stocks picked up 7 points, or 0.5 percent, to 1,459.

SAILING ALONG: Carnival’s third-quarter profit and revenue surpassed Wall Street’s expectations. The cruise line raised its annual forecasts and said bookings and prices for next year are higher than they were at this time a year ago. Carnival gained $1.89, or 3 percent, to $65.39 and competitor Royal Caribbean Cruises rose $3.26, or 2.9 percent, to $117.14.

TECH RESET: Open-source software maker Red Hat climbed $4.44, or 4.2 percent, to $110.20 after a better-than-expected second quarter. Chipmaker Nvidia rose after it said several major Chinese companies, including e-commerce giants Alibaba and Baidu, will use its products in data centers and cloud computing platforms. It added $2.19, or 1.3 percent, to $173.19.

Elsewhere, Apple picked up $3.22, or 2.1 percent, to $153.77 and Facebook rose $1.85, or 1.1 percent, to $164.72.

INFLATION QUESTION: Federal Reserve Chair Janet Yellen told a conference of economists that the Fed is puzzled that inflation has remained so low, and that it might have to change its plans to continue raising interest rates. Inflation has been below the Fed’s 2 percent target for years, and while Yellen and other decision makers expect it to reach that goal eventually, she conceded that the Fed may need to adjust its assumptions.

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ADIDAS TUMBLES: The director of global sports marketing for athletic apparel maker Adidas was one of 10 people charged in what the U.S. government described as a scheme to match agents and advisers to college basketball players before they became NBA stars. Four assistant basketball coaches were arrested along with Adidas executive James Gatto.

U.S.-traded shares of Adidas fell $2.88, or 2.5 percent, to $110.92.

EQUIFAX DEPARTURE: Equifax CEO Richard Smith is retiring as the credit reporting agency tries to clean up a mess left by a data breach that exposed highly sensitive information about 143 million Americans. Smith had been CEO since 2005 and is also stepping down as chairman. The company said Smith won’t receive his annual bonus or other benefits until Equifax finishes its investigation into the data breach it disclosed earlier this month. Two other company executives left on Sept. 15. Equifax lost 5 cents to $105.04.

MORE CHANGES: Kohl’s traded lower after the department store said CEO Kevin Mansell will retire in May. He will be replaced by Michelle Gass, a former Starbucks executive who has been with the company since 2013. Mansell, a 35-year company veteran, has been CEO since 2008.

Kohl’s slipped 10 cents to $46.11.

ENERGY: Energy companies fell as benchmark U.S. crude slid 34 cents to $51.88 a barrel in New York. Brent crude, the standard for international oil prices, gave up 50 cents to $57.93 a barrel in London.

Wholesale gasoline lost 2 cents to $1.70 a gallon. Heating oil retreated 1 cent to $1.85 a gallon. Natural gas remained at $2.92 per 1,000 cubic feet.

BONDS: Bond prices declined. The yield on the 10-year Treasury note rose to 2.23 percent from 2.22 percent.

METALS: Gold lost $9.80 to $1,301.70 an ounce. Silver declined 26 cents to $16.88 an ounce. Copper fell 2 cents to $2.92 a pound.

CURRENCY: The dollar rose to 112.16 yen from 111.61 yen. The euro fell to $1.1799 from $1.1846.

OVERSEAS: Germany’s DAX rose 0.1 percent and the FTSE 100 in Britain fell 0.2 percent. France’s CAC 40 rose less than 0.1 percent. Tokyo’s Nikkei 225 lost 0.3 percent and the Hang Seng of Hong Kong gained less than 0.1 percent. The South Korean Kospi declined 0.3 percent.


AP Markets Writer Marley Jay can be reached at His work can be found at

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