Stocks Opened Higher ahead of FOMC
- Wednesday, July 9, 2014, 9:45
- Stock Market
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U.S. stocks opened higher on Wednesday ahead of minutes from the most recent Federal Open Market Committee meeting. The Dow Jones Industrial Average lately added 48.49 points, or 0.29%, to 16,955.11. The S&P 500 was up 6.02 points, or 0.31%, to 1,969.73. The Nasdaq Composite gained 17.38 points, or 0.40%, to 4,408.85.
Alcoa Inc. swung to second-quarter profit, driven by strength in its engineered products and primary metals businesses. Results beat expectations. Overall, Alcoa posted a profit of $138 million, or 12 cents a share, compared with a year-earlier loss of $119 million, or 11 cents a share.
Published reports say Citi is close to $7 billion deal to settle charges that it packaged bad mortgages during the run-up to the financial crisis. The amount is far more than the $4 billion Citi (C) was reported offering to pay as recently as June.
Dubai airline Emirates [EMIRA.UL] finalised a $56 billion order to buy 150 Boeing (BA.N) 777X jets on Wednesday, firming up a commitment made last year, just weeks after scrapping an order with rival planemaker Airbus (AIR.PA).
A Beijing court has ruled against Apple Inc by upholding the validity of a patent held by a Chinese company, clearing the way for the Chinese company to continue its own case against Apple for infringing intellectual property rights.
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