Stocks End Higher as Euro Zone Fears Ease

U.S. stocks posted a second day of strong gains in volatile trade Thursday after Greece dropped voting on its financial rescue and the European Central Bank unexpectedly lowered interest rates. The Dow Jones Industrial Average finished the day 208.43 points, or 1.76%, higher at 12,044.47. The Nasdaq Composite rose 57.99 points, or 2.20%, to 2,697.97 and the S&P 500 Index advanced 23.25 points, or 1.88%, to 1,261.15.

Greece’s teetering government backed away from a proposed referendum on staying in the euro on Thursday, while European leaders talked for the first time of a possible Greek exit to preserve the single currency.

Apple Inc on Wednesday said it will release a software update to its iOS 5 operating system, acknowledging some customer complaints on the performance of the new iPhone 4S battery.

Greece’s teetering government backed away from a proposed referendum on staying in the euro on Thursday, while European leaders talked for the first time of a possible Greek exit to preserve the single currency.

Advanced Micro Devices Inc. said Thursday afternoon that it is laying off about 10% of its workforce — about 1,200 workers — in a restructuring move to reduce its costs.

Starbucks late Thursday posted a 28% jump in fiscal-fourth quarter profit on continued strong sales at existing stores. Starbucks also hiked its dividend 31% and reaffirmed its fiscal 2012 financial and store growth targets. For the quarter ended Oct. 2, Starbucks earned $358.5 million, or 47 cents a share, up from $278.9 million, or 37 cents a share, in the same 2010 period. Comparable store sales rose 9%, while the number of transactions rose 6%.

About the Author

has written 14107 stories on this site.

Copyright © 2012 Nine Stocks