Stocks inch higher on Wall Street; Apple gains

AP News
Posted: Dec 06, 2012 11:51 AM

NEW YORK (AP) — Stocks are inching higher in midday trading on Wall Street.

Apple rose 2 percent a day after taking its worst fall in four years. In separate interviews, CEO Tim Cook said Apple will produce one of its existing lines of Mac computers in the United States next year and will spend $100 million to shift production of the line from China.

The Dow Jones industrial average was up 16 points at 13,050 shortly before noon Thursday.

The Standard & Poor's 500 index rose three points to 1,412 and the Nasdaq composite rose 20 points to 2,994.

H&R Block jumped 4 percent after posting revenue and earnings that beat analysts' estimates.

Men's Wearhouse dropped 5 percent after the men's clothing company's third-quarter results missed Wall Street's estimates.