Stocks Rebound as Italy, Greece Fears Ebb
- Thursday, November 10, 2011, 17:56
- Stock Market
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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.
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