HP Leads Dow to Slight Gains; Other Indexes Mixed

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New York, NY (AP) - May 24, 2012 --

The Dow Jones industrial average is closing with modest gains, led by a 3 percent jump in Hewlett-Packard.

Stocks flipped between gains and losses Thursday, after a meeting of European leaders failed to deliver new steps to ease the region's debt crisis.

The Dow rose 34 points to close at 12,530.

Hewlett-Packard rallied on news it plans to purge nearly 8 percent of its payroll. H-P expects the layoffs to save $3 billion.

U.S economic news offered little direction for traders. Orders for long-lasting factory goods edged up in April.

The Standard & Poor's 500 index rose two points to 1,321. The Nasdaq fell 11 points to 2,839.

Nearly three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was low at 3.6 billion.