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With a number of Dow Jones Industrial Average's (DJINDICES: ^DJI ) components reporting today, the index managed to set a new record closing high after it gained 22 points, or 0.14%. The Dow is now resting at 15,567 while the S&P 500 and the Nasdaq both lost ground today, falling 0.19% and 0.59%, respectively.
Let's take a quick look at three of the components that helped the index move higher.
Home Depot (NYSE: HD ) rose by 0.24% today, after the Federal Housing Agency reported that the home price index rose in May by a seasonally adjusted 0.7% compared with April's results. That now means housing prices have risen 7.3% since May 2012. Home Depot's CFO has stated in the past that homeowners who aren't underwater on their mortgages spend three times as much as those who are. As housing prices continue to rise, we should see fewer Americans still underwater, and that would mean Home Depot's sales should increase.
United Technologies (NYSE: UTX ) also announced earnings before the opening bell this morning and beat analysts' estimates of $1.58 per share with $1.70, while revenue came in slightly below expectations. But shares rose 2.95% today on news that the company was raising full-year guidance. Management expects to have sales of $64 billion for 2013, with earnings per share somewhere in the range of $6.00 to $6.15, which is $0.15 higher than the previous estimate range the company gave. While that may sound like a tall order, the company's aircraft unit is really performing well, and as we continue to see increased sales from Boeing and Airbus, investors shouldn't have any doubt that the company can continue performing at a high level.
Shares of AT&T (NYSE: T ) also increased today, gaining 0.65% during the regular trading session as the company was set to release earnings after the closing bell. Wall Street was looking to see earnings per share come in at $0.68 and revenue at $31.81 billion. AT&T ended up reporting revenue of $32.08 billion, but after adjusted for a gain related to the sale of stock, earnings per share came in at $0.67. The results were lower than they were during the same period last year, when AT&T reported profits of $3.9 billion, compared with $3.8 billion this quarter. The company also experienced a higher churn rate at 1.02% compared with last year's 0.97%. Lastly -- and this is probably what's causing the most concern from investors -- is that operating expenses rose 4.9% during the quarter. The stock is lower in the after-hours session by 0.89% on the news, but those who own the stock for the safety of its 5% dividend yield don't have much to be concerned about and should stick with the company to see how some big changes play out. AT&T will be incorporating Leap Wireless, which it's buying for $1.2 billion, and will allow customers to upgrade sooner than they can now.
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