U.S. Stocks Rise as Earnings Overshadow Europe Concerns
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U.S. stocks rose, erasing earlier declines, as better-than-estimated earnings overshadowed concern over Europe’s debt crisis before a gathering of euro-area leaders tomorrow.
Time Warner Inc. surged 4.1 percent after affiliate fees from cable-TV providers boosted profit. Walt Disney Co. gained 0.4 percent after sales topped estimates and its interactive unit posted its first profit since 2009. GameStop Corp. plunged 6 percent after a report said Microsoft Corp.’s next Xbox console will require an Internet connection. DreamWorks Animation SKG Inc. dropped 3.9 percent after the company pulled one movie from its schedule and delayed the release of another.