The US stock market closes higher following better earnings, corporate news

MarketsAssociated Press

The U.S. stock market is closing slightly higher following some strong corporate earnings.

The Dow Jones industrial average gained 61 points, or 0.4 percent, to close at 16,713 on Thursday. The Standard & Poor's 500 index rose eight points, or 0.4 percent, to 1,955.

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The Nasdaq composite climbed 18 points, or 0.4 percent, to 4,453.

Retailer Kohl's rose 3 percent after reporting income that beat analysts' expectations.

The Class A shares of Warren Buffett's Berkshire Hathaway traded above $200,000 for the first time.

Cisco fell 3 percent after the network equipment maker reported lower sales and profits. Cisco also said it would lay off 8 percent of its workforce.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.40 percent, near its lowest level of the year.