Stocks climb after economy shrinks less than forecast
U.S. stocks climb, but remain off session highs, after the government reports
the economy shrank less than forecast and on hopes interest-rate cuts
by central banks around the world will curb the global economic
slowdown.
ECONOMIC REPORT: GDP FALLS 0.3% IN THIRD QUARTER ON DIVE IN SPENDING
The U.S. economy contracted at a 0.3% annualized rate in the third
quarter, as consumer spending declined at the fastest rate in 28
years, the Commerce Department estimates.
EXXON MOBIL'S PROFIT APPROACHES $15 BILLION, SETTING NEW RECORD
Exxon Mobil's third-quarter net income rises 58% to a new record of
nearly $15 billion, but the results are likely to mark a swan song for
groundbreaking profits tied to this past summer's triple-digit prices
for crude oil.
BORROWING COSTS EASE AFTER FED RATE CUT, LIQUIDITY MOVES
Credit-market conditions show further signs of improvement, responding
to the Federal Reserve's decision to slash a key U.S. interest rate to
1% along with central banks' moves to further flood money markets with
dollars.
MOTOROLA POSTS LOSS AND DELAYS SPINOFF OF HANDSET BIZ
Motorola Inc. on Thursday swung to a loss in the third quarter and
said it would delay the spin-off of its faltering wireless-phone
business beyond 2009.
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