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The Nasdaq composite rose 14.49 points, or 0.4 percent, to 3,684.44. The Dow Jones industrial average rose 31.33 points, or 0.2 percent, to 15,451.01. Other indexes fell. The Dow Jones Transportation average dropped 42.48, or 0.7 percent, to 6,452, dragged down by the slump in airline stocks. Indexes measuring utilities and small-company stocks also fell. In government bond trading, the yield on the 10-year Treasury note jumped to 2.72 percent from 2.62 percent Monday. The yield is used as a benchmark to set interest rates on many kinds of loans including home mortgages. In commodities trading, the price of oil rose 72 cents, or 0.7 percent, to $106.83 a barrel. Gold dropped $13.70, or 1 percent, to $1,320.50 an ounce. The dollar rose against the euro and the Japanese yen. Among stocks making big moves: J.C. Penney fell 49 cents, or 3.7 percent, to $12.68. The struggling department store chain faces an uncertain future after activist investor William Ackman resigned from the company's board. Yum Brands, which owns the Taco Bell, Pizza Hut and KFC fast-food chains, slumped $1.50, or 2 percent, to $72.97 after reporting that its sales in China fell 13 percent in July. Eli Lilly and Co. rose $1.40, or 2.6 percent, to $54.96 after the company said its potential lung cancer treatment necitumumab met a key research goal by helping to increase survival time for patients in a late-stage study.
PulteGroup fell 36 cents, or 2.3 percent, to $15.37, leading a broad decline in homebuilder stocks. US Airways plunged $2.46, or 13.1 percent, to $16.36. Other airlines also fell. Delta Air Lines dropped $1.49, or 7.1 percent, to $19.55 and United Continental fell $2.48, or 7.5 percent, to $30.73.
[Associated
Press;
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