Brands Gain

Stocks stepped up today on Wall Street. Brands such as Walt Disney, Verizon, Home Depot, and Intel posted gains on the Dow. Stocks climbed amid the release of data on initial jobless claims and housing. The Labor Department said new claims fell by 37,000 to 335,000 last week. This was down from the previous week’s upwardly revised figure of 372,000. Economists had expected a lesser decrease to 365,000. On another note, the Census Bureau said housing starts increased in December to an annual rate of 954,000 from a downwardly revised 851,000 in November. Economists had anticipated 890,000 housing starts for December. In earnings news, Bank of America reported fourth-quarter profit of $700 million, or 3 cents a share, exceeding estimates by a penny. Net revenue of $18.9 billion was shy of estimates of $21 billion. Elsewhere, Intel reported quarterly details after the closing bell. The chip maker said net income fell to $2.47 billion, or 48 cents a share, compared to $3.36 billion, or 64 cents, in the fourth quarter last year.

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