Stocks Rebound as Italy, Greece Fears Ebb

U.S. stocks recovered part of the prior session’s steep losses on Thursday as progress toward installing new heads of state in Italy and Greece, plus a dip in Italian bond yields, encouraged a sense of temporary stability in Europe’s debt crisis. The Dow Jones Industrial Average rose 112.92 points, or 0.96%, at 11,893.86. The S&P 500 rose 10.60 points, or 0.86%, to 1,239.70. The Nasdaq Composite edged up 3.50 points, or 0.13%, to 2,625.15.

Walt Disney Co. said Thursday its fiscal fourth-quarter profit rose 30% on increased advertising sales and fees paid by cable operators at ESPN and greater attendance at the company’s theme parks. The Burbank, Calif.-based entertainment conglomerate said it earned $1.09 billion, or 58 cents a share, on sales of $10.4 billion in the latest three months, compared with a profit of $835 million, or 45 cents a share, in the year-ago period, on revenue of $9.74 billion.

Nvidia Corp.on Thursday reported a third-quarter profit of $178.3 million, or 29 cents a share, compared with a profit of $84.9 million, or 15 cents a share, for the year-earlier period. Revenue was $1.07 billion, up from $843.9 million.

Viacom Inc’s quarterly revenue and profit rose, beating estimates. Viacom, the company behind MTV and Paramount Pictures, also announced on Thursday that it expanded its stock repurchase program to $10 billion from $4 billion and said it expects to complete the buyback in two years. Total revenue for the fiscal fourth quarter ending September 30 grew 22 percent to $4 billion, ahead of analysts’ average forecast of $3.75 billion according to Thomson Reuters I/B/E/S.

Crude-oil futures climbed Thursday as a rebound in U.S. equities and positive jobs data laid the groundwork for gains despite a sobering outlook from the International Energy Agency and signs of slower demand in China. Futures for light, sweet crude due for delivery in December /quotes/zigman/2084377 CL1Z +2.09% rallied $2.04, or 2.1%, to settle at $97.78 a barrel.





Leave a Reply