Wednesday, December 05, 2012 11:58 am
Stocks mostly rise on Wall Street, led by banks
The Associated Press
The Dow Jones industrial average was up 94 points at 13,045 shortly before midday Wednesday.
The Standard & Poor's 500 index rose three points to 1,410. The Nasdaq composite slipped 14 points to 2,982, pulled down by a decline in Apple.
Citigroup rose 5 percent after the bank said it would slash 11,000 jobs in a bid to cut costs and become more efficient. The shakeup came two months after Michael Corbat (KOHR-buht) took over as CEO.
Energy stocks rose after mining company Freeport-McMoRan said it would buy two oil companies for about $9 billion.
Internet radio company Pandora plunged 18 percent after predicting a much larger loss in the fourth quarter than analysts had expected.