NEW YORK—U.S. stocks moved higher as strength in European markets and a slight decline in jobless claims helped bolster sentiment. The Dow Jones Industrial Average added 34 points, or 0.3%, to 12530, after finishing slightly lower Wednesday after paring steep early losses. Standard & Poor's 500-stock index rose 5.1 points, or 0.4%, to 1324 and Nasdaq 100 futures gained 3.3 points, or 0.1%, to 2853. Initial claims for jobless benefits declined 2,000 to a seasonally adjusted 370,000 in the latest week, marking the first time in three weeks that claims fell. Orders for durable goods unexpectedly increased 0.2% in April, recovering from a steep drop in March and better than the 0.3% decline that economists had expected, although it still wasn't particularly strong. "We've got ... Continue reading →
NEW YORK—U.S. stocks moved higher as strength in European markets and a slight decline in jobless claims helped bolster sentiment. The Dow Jones Industrial Average added 34 points, or 0.3%, to 12530, after finishing slightly lower Wednesday after paring steep early losses. Standard & Poor's 500-stock index rose 5.1 points, or 0.4%, to 1324 and Nasdaq 100 futures gained 3.3 points, or 0.1%, to 2853. Initial claims for jobless benefits declined 2,000 to a seasonally adjusted 370,000 in the latest week, marking the first time in three weeks that claims fell. Orders for durable goods unexpectedly increased 0.2% in April, recovering from a steep drop in March and better than the 0.3% decline that economists had expected, although it still wasn't particularly strong. "We've got ... Continue reading →
By Gina Chon and Aaron Lucchetti Associated Press Morgan Stanley and other underwriters have made a profit of about $100 million stabilizing Facebook Inc. stock since trading began on Friday, people familiar with the matter said. As the lead underwriter responsible for Facebook�s IPO, Morgan Stanley would receive the largest chunk of those profits, the people said. The bank would receive the money on top of millions of dollars in IPO fees, the people added. These gains are expected to be offset somewhat by losses associated with reimbursing clients who lost money because of technology snafus at the Nasdaq Stock Market in Facebook’s first day of trading, one of these people added. It�s not unusual for underwriters to see gains from stabilizing new stock offerings. ... Continue reading →