Stocks Climb as Fed Concerns Fade

U.S. stocks climbed for a third straight day on Thursday after comments from several Federal Reserve officials soothed concerns that the central bank would begin to reduce its stimulus efforts in the near future. The Dow Jones industrial
average rose 114.43 points or 0.77 percent, to end at 15,024.49. The S&P 500 gained 9.94 points or 0.62 percent, to finish at 1,613.20. The Nasdaq Composite added 25.64 points or 0.76 percent, to close at 3,401.86.

Macy’s Inc (NYS:M) has agreed to pay a $175,000 civil fine and improve its practices to resolve a U.S. government probe that found the retailer had discriminated against immigrant employees when verifying their eligibility to continue to work.

The Senate on Thursday passed a sweeping overhaul of the U.S. immigration system, approving a bill that would offer citizenship to millions of people now in the U.S. illegally and boost security along the border with Mexico.

The Commodity Futures Trading Commission on Thursday filed an enforcement action against former New Jersey Governor Jon Corzine related to the collapse of MF Global Holdings Ltd., the commodity trading firm he oversaw.