U.S. stocks rose on Tuesday, with the S&P 500 index not far from its record, after Microsoft Corp. boosted its dividend and as Wall Street waited for the outcome of a policy gathering by the Federal Reserve.
Shares of Microsoft rose 0.6% after the Dow component and world’s biggest software company hiked its quarterly payments to shareholders by 22% and set a $40 billion share-repurchase plan.
Mosaic Co. fell 0.9% after the fertilizer producer reduced its quarterly outlook for potash and phosphate sales and prices.
Data released Tuesday showed on an annual basis US inflation was at 1.5% in August following a 2% reading in July. This result is slightly below forecasts of +1.6%. Month-over-month CPI grew 0.1%, down from the previous result of +0.2% and slightly against expectations of remaining at the same level.
Annual CPI excluding Food and Energy rose 1.8%up from +1.7%, as projected. Month-over month CPI excluding Food and Energy grew 0.1%, following +0.2%. Both results are in line with projections.
Pandora shares jumped 5.06%, recovering from an initial slump after the company said it would sell more shares through a secondary offering.
Herbalife surged 3.69% after a D.A. Davidson analyst said the company could announce its own large buyback in the next several weeks.
Meanwhile, airline stocks rose after JPMorgan upgraded both Delta (+0.73%) and U.S. Airways (+3.6%) to overweight from neutral. Shares of Southwest (+0.89%), JetBlue (+1.07%) and Alaska (+1.27%) also got a boost from the upgrade.
Shares of Outerwall plummeted 11.58% after it slashed its guidance for the current fiscal quarter.
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