Stocks Rose at Open, Nasdaq Back Over 4000

U.S. stocks opened moderately higher on Friday, though market participants remained cautious ahead
of a Federal Reserve policy meeting next week. The Dow was lately up 5.08 points, or 0.03%, to
15,744.51. The S&P 500 was up 1.69 points, or 0.10%, to 1,777.19. The Nasdaq Composite rose 8.16
points, or 0.20%, to 4,006.56.

U.S. wholesale prices declined for the third-straight month in November but seemed to stabilize
when measured on an annual basis, according to data released Friday. The U.S. Department of Labor
said the producer-price index fell 0.1% in November, after a 0.2% drop in October and a 0.1% fall
in September.

Qualcomm Inc. (QCOM) on Friday said it promoted Steve Mollenkopf to chief executive officer,
replacing Paul Jacobs. Mollenkopf, currently the mobile-phone chip maker’s chief operating
officer, had reportedly been considered by Microsoft Inc.’s MSFT -0.75% board as a candidate to
replace departing Chief Executive Steve Ballmer.

A U.S. bankruptcy judge ruled Anadarko Petroleum Corp. could be liable for at least $5 billion in
a lawsuit over environmental and legal liabilities related to its 2006 acquisition of Kerr-McGee
Corp.