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Big gain in Visa drives Dow average higher

By WTOP Staff

NEW YORK (AP) — U.S. stock indexes are closing higher as big companies turn in encouraging quarterly results.

The Dow Jones industrial average rose more than 200 points Thursday, thanks in large part to a big gain in Visa, the Dow’s highest-priced stock.

The Standard & Poor’s 500 index gained 12 points, or 0.6 percent, to 1,994. The Nasdaq composite rose 16 points, or 0.4 percent, to 4,566.

The Dow Jones industrial average rose 221 points, or 1.3 percent, to 17,195.

Visa announced earnings late Wednesday that beat analysts’ expectations. The company also announced a big share buyback program.

Auto parts maker BorgWarner dropped 4 percent after reporting results that missed analysts’ expectations.

The price of the 10-year Treasury note edged up. Its yield fell to 2.31 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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