US share markets finished modestly higher overnight at fresh 13 month highs as upbeat broker comments on Microsoft (NASDAQ:MSFT) and Exxon Mobil (NYSE:XOM) offset cautious outlooks from Target (NYSE:TGT) and Home Depot (NYSE:HD).
The Dow Jones Industrial Average rose 30 points to 10,437. The S&P500 Index was steady at 1,110 and the NASDAQ gained 6 points to 2,204.
Overnight economic news: The government reported that the Producer Price Index, the key measure of inflation for manufacturers, rose 0.3% in October. Core PPI, which excludes food and energy prices, fell 0.6%.
The government also reported that industrial production rose 0.1% in October compared to a 0.7% increase in September.
In company news: Target Corp (NYSE:TGT) shares lost 3.02% to $48.77, after the discount retailer reported an 18% increase in third-quarter profit, helped by gains in the company's credit card portfolio. Target also forecast a holiday quarterly profit that could miss Wall Street's estimates due to weaker demand from consumers.
Home Depot (NYSE: HD) shares lost 2.39% to $26.99. The leading US home improvement chain reported a fall in third-quarter earnings to 41 cents per share from 45 cents a year earlier. Home Depot also flagged weaker results at the end of the year and no meaningful recovery until the second half of 2010.
Shares of software maker Microsoft Corp (NASDAQ:MSFT) gained 2.01% to $30.00, after Morgan Stanley raised its price target on the stock and said it was upbeat on the prospects for Windows 7 and on the company's holiday season.
Shares of Exxon Mobil (NYSE:XOM) rose 0.81% to $75.03, after Barclays raised its recommendation on the stock to "overweight" from "equal-weight."
In the NASDAQ Top 100: Steel Dynamics was the best performer, adding 4.93% to $16.38. Making similar gains were Expedia and Wynn Resorts. The worst performer was Hologic, down 3.51% to $15.12. Joy Global and Illumina also closed lower.
