LINKEDINCOMMENTMORE

NEW YORK Major stock indexes inched above four-year closing highs in early trading Tuesday.

The Dow Jones industrial average was up 34 points to 13,307 shortly after 10 a.m. EDT. That s above its four-year closing high of 13,279 reached May 1.

The broader Standard & Poor s 500 index rose six points to 1,424. It closed at a four-year high of 1,419 on April 2.

The Nasdaq composite index rose 18 points to 3,094.

Facebook s stock sank 3 percent on news that one of its earliest backers, the venture capitalist Peter Thiel, has sold most of his stake in the company. The social network s stock lost 66 cents to $19.33, roughly half its initial public offering price of $38.

Best Buy fell 6 percent, the biggest loss in the S&P 500. The country s largest consumer electronics retailer reported a 90 percent drop in net income during the second quarter, dragged down by restructuring charges and weak sales.

The chain is waging a public fight with its former chairman and co-founder Richard Schulze, who wants to take the company private. Best Buy s stock dropped $1 to $17.11 and has lost 15 percent this week.

Markets in Europe edged up amid hints of progress in calming the region s debt crisis. Spain managed to raise $5.4 billion from bond investors at sharply lower interest rates than at the last such auction.

Germany s DAX added 0.5 percent and France s CAC-40 0.7 percent.

Among other stocks making moves:

Urban Outfitters jumped 15 percent. The clothing retailer reported earnings late Monday that beat analysts forecasts, thanks to stronger sales. The stock surged $5.15 to $36.43.

Barnes & Noble posted a smaller quarterly loss, helped by sales and e-books and surging sales of the Fifty Shades of Grey book. The largest traditional bookstore chain rose 4 cents to $12.37.

LINKEDINCOMMENTMORE
Read or Share this story: http://www.khou.com/story/money/business/2014/07/21/11799884/