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The indexes powered higher even as more discouraging news about manufacturing came out. The Philadelphia branch of the Federal Reserve reported that manufacturing contracted this month in the mid-Atlantic region. On Tuesday, the Fed's New York branch reported that manufacturing in its own district was worsening. Stocks started 2013 with a rally after lawmakers came up with a last-minute plan to stop the U.S. going over the "fiscal cliff," a series of tax hikes and spending cuts that economists say would probably have pushed the U.S. into recession. The Dow and the S&P 500 are both up 3.8 percent since the start of January. The yield on the 10-year Treasury note, which moves inversely to its price, rose four basis points to 1.88 percent. Other stocks making big moves: EBay rose $1.27, or 2.4 percent, to $54.17 after reporting fourth-quarter earnings that exceeded analysts' expectations. Bargain-hunting holiday shoppers flocked to eBay's online shopping mall and digital payment service, PayPal. CBS surged $3.01, or 7.9 percent, to $40.95 after the media company said late Wednesday that it was converting its U.S. outdoor advertising business to a real estate investment trust and selling the international portion of the business. Deutsche Bank analysts lifted their target price on the stock to $47 from $40, saying the conversion to a REIT "meaningfully enhances value." BlackRock gained $9.76, or 4.4 percent, to $232 after the investment manager said its fourth-quarter net income surged, beating analysts' forecasts. The company also increased its dividend and said it may buy back more stock.
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