Stocks Ended Mixed amid Europe Reports

U.S. stocks closedly mixed on Wednesday, following a report that the G20 is considering a $600 billion IMF lending program to Europe. The Dow Jones Industrial Average rose 46.24 points, or 0.38%, to 12,196.37. The S&P 500 rose 2.54 points, or 0.20%, to 1,261.01. The Nasdaq Composite edged back 0.35 point, or 0.01%, to 2,649.21.

The Obama administration said on Wednesday it will keep the pressure on two big banks to help ease the foreclosure crisis, withholding payments to them under a foreclosure relief program. The Treasury said Bank of America (NYSE:BAC) and JPMorgan Chase & Co (NYSE:JPM) need to improve their loan modification efforts to merit the financial incentives the administration’s housing rescue program provides to mortgage servicers. JPMorgan is at risk of permanently having support reduced if it does not make substantial improvements, the Treasury said.

AT&T Inc plans to forge ahead with its deal to buy Deutsche Telekom’s U.S. wireless unit despite fierce regulatory opposition, and it has the financial resources to close the acquisition quickly, a top executive said on Wednesday.

G-III Apparel Group Ltd. late Wednesday said net earnings for the third quarter were $43.6 million, or $2.16 a share, compared with $42.7 million, or $2.16 a share, a year ago. Sales for the clothing manufacturer and licensee rose to $510 million from $450 million in the year-earlier period. Analysts polled by

Thomson Reuters had estimated earnings of $2.14 a share on $497 million in revenue. G-III also cut its fiscal year 2012 earnings forecast to a range between $2.50 to $2.60 a share. It had expected earnings of $3.05 to $3.15 a share.

Crude-oil futures settled lower on Wednesday, barely holding above $100 a barrel as investors turned more pessimistic on the euro zone and a weekly government supply report showed a surprise rise in crude inventories. Crude for January delivery retreated 79 cents, or 0.8%, to settle at $100.49 a barrel on the New York Mercantile Exchange.

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