The News Courier in Athens, Alabama

State and Nation

December 5, 2012

Stocks edge higher on hope for China stimulus

— NEW YORK (AP) — Stocks edged higher on Wall Street Wednesday after the Chinese government pledged to maintain policies intended to strengthen the world's second-largest economy.

The Dow Jones industrial average rose 42 points to 12,994 as of 9:55 a.m. EST. The Standard and Poor's 500 was up half a point to 1,408. The Nasdaq composite was down 11 points to 2,985.

Stocks have traded sideways for almost two weeks as investors wait for developments from Washington on crucial budget talks to avoid the "fiscal cliff," a series of sharp government spending cuts and tax increases scheduled to start Jan. 1 unless an agreement is reached to cut the budget deficit. Economists say that the measures, if implemented, could push the U.S. back into recession.

Citigroup rose $1.41 to $35.70 after the bank said it plans to eliminate more than 11,000 jobs to cut expenses and improve efficiency. Freeport-McMoRan Copper & Gold plunged $4.89 to $33.44 after the mining company said it is buying oil companies Plains Exploration & Production and McMoRan Exploration for about $9 billion.

A private survey showed Wednesday that U.S. businesses added fewer workers in November, in part because Superstorm Sandy shut down factories, retail stores, and other companies. Payroll processor ADP said employers added 118,000 jobs last month. That's below October's total of 157,000, which was revised lower. Investors will also look to the monthly jobs report from the Labor Department Friday for more information about how the economy is doing.

The yield on the 10-year Treasury note fell 2 basis points to 1.59 percent.

—Mattress Firm Holding Corp. fell $6.92 to $23.52 after the mattress retailer said late Tuesday that sales trends were softening.

—Pandora Media, an internet radio company, fell $1.26 to $8.19 after saying it would make a much larger loss in the fourth quarter than analysts had been forecasting.

1
Text Only
State and Nation
Photos


Poll

Which foreign crisis is the biggest threat to the security of the United States?

Russia-Ukraine
Israel-Palestine
Iraq
None of the above
     View Results
Facebook
AP Video
Two Women Narrowly Avoid Being Hit by Train In Virginia, the Rise of a New Space Coast New Sanctions on Key Sectors of Russian Economy Crayola Announces Family Attraction in Orlando US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating
Twitter Updates
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Business Marquee