clear
Sunday May 3rd, 2015 10:53AM

Stocks move higher; Dow up 100+ points at midday

By The Associated Press
NEW YORK (AP) -- Stocks moved higher in morning trading Thursday, helped by strong earnings from Facebook and an encouraging report that the U.S. economy grew at an annual rate of 3.2 percent in the fourth quarter.

KEEPING SCORE: The Dow Jones industrial average jumped 138 points, or 0.9 percent, to 15,876 as of 12:15 p.m. Eastern. The Standard & Poor's 500 index rose 21 points, or 1.2 percent, to 1,786 and the Nasdaq composite jumped 78 points, or 2 percent, to 4,110.

INVESTORS `LIKE' FACEBOOK: Facebook jumped $8.57, or 16 percent, to $62.10. The social media company reported results late Wednesday that exceeded the expectations of financial analysts. Facebook's adjusted profit was 31 cents per share, four cents better than forecast.

MOTOROLA DEAL: Google rose $28.84, or 3 percent, to $1,135.76 after the company announced it was selling Motorola's smartphone business to Lenovo for $2.9 billion. Google bought Motorola Mobility for $12.4 billion in 2012, and it has never been profitable for the search giant.

ECONOMIC GROWTH: The U.S. economy grew at a 3.2 percent annual rate in the final three months of 2013, a positive sign for the economy in 2014. Consumer spending, a major driver of the U.S. economy, picked up in the quarter.

`GOING LOWER:' Even with Thursday's gains, it's been a difficult month for investors. The Dow is down 4 percent in January, the worst start to a year since 2009. Emerging markets worries have driven most of the sell-off. A survey last week confirmed that manufacturing in China, the world's second-biggest economy, slowed in January.

"The emerging markets caught a lot of people off guard," said Ian Winer, director of trading at Wedbush Securities. "But at this point, I'm pretty focused on corporate earnings and that's about it. And earnings have been OK, but not all that great. I think we're going lower, and I think (the sell-off this month) is just the beginning."

BONDS: The yield on the 10-year Treasury note rose to 2.71 percent from 2.68 percent late Wednesday. Bond yields fell to a two-and-a-half month low Wednesday following the Federal Reserve's announcement that it would pull back further on its economic stimulus program.
© Copyright 2015 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 4 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 4 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 4 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 4 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 4 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 4 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 4 months ago )
Local/State News
Obama again avoids calling 1915 Armenian killings 'genocide'
WASHINGTON (AP) — President Barack Obama will once again stop short of calling the 1915 massacre of Armenians a genocide, prompting anger and disappointment from those who have been pushing him to ful...
1:00PM ( 1 week ago )
Ex-NFL star Hernandez convicted of murder, sentenced to life
FALL RIVER, Mass. (AP) — Former New England Patriots star Aaron Hernandez was convicted of first-degree murder and sentenced to life in prison Wednesday for a deadly late-night shooting, sealing the d...
8:54PM ( 2 weeks ago )
Clinton kicks off 2016 campaign online, heads next to Iowa
WASHINGTON (AP) — Hillary Rodham Clinton jumped back into presidential politics on Sunday, making a much-awaited announcement she will again seek the White House with a promise to serve as the "champi...
7:56PM ( 2 weeks ago )
Hall, White, Jefferson schools recognized nationally for use of technology
Three school districts in northeast Georgia - Hall, White, and Jefferson - have received national recognition for their use use of innovative technologies. They earned top spots in the Center for Digital Education's and the National School Boards Association's 10th annual Digital School Districts Survey.
By Staff
1:00PM ( 2 weeks ago )
US Capitol lockdown lifted after man fatally shoots himself
WASHINGTON (AP) — A precautionary lockdown of the U.S. Capitol was lifted after about two hours Saturday following a suicide by a man carrying a protest sign.The man died after shooting himself on the...
6:15PM ( 3 weeks ago )