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Stocks Pare Losses to End Higher; Dow Hits Record High

Jeremy Glaser

U.S. Market
Stocks pared early losses to end mostly higher today.

Wholesale inventories rose 1.1% in March from February levels, in line with earlier estimates from the Commerce Department. Wholesale sales were up 1.4% in the month and the inventory-to-sales ration remained steady at 1.19 months.

At market close the Dow and S&P 500 were each up 0.2% while the Nasdaq was 0.5% higher.

Stocks on the Move
Reports emerged Thursday evening that Apple (AAPL) is in talks to buy headphone maker Beats Electronics for more than $3 billion. The rumored deal would be the largest acquisition in Apple’s history. Apple shares were down less than 1% at market close.

CBS' (CBS) top line during the first quarter suffered from a difficult comparison resulting from the broadcast of the Super Bowl and more NCAA tournament games a year ago. Reported revenue declined 4.6% year over year, due primarily to the Super Bowl broadcast a year ago. Absent Super Bowl sales, revenue would have grown about 3% on a 9% jump in affiliate and subscription fees and a 6% increase in content licensing sales. The international business, where licensing revenue increased 22% year over year, nicely reflects the value that CBS is building with its content library. Shares were down 2% on the news.

Shares of Gap (GPS) were up over 3% after the firm reported better-than-expected April sales and gave upbeat guidance. The firm said same-store sales rose 9%, well above the 0.1% gain analysts were anticipating.