Stocks Close Higher

NEW YORK (August 14, 2014) The Dow Jones industrial average gained 61 points, or 0.4 percent, to close at 16,713 on Thursday while the Standard & Poor's 500 index rose eight points, or 0.4 percent, to 1,955 after some strong earnings reports.

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.

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