Stocks Rise Broadly After Drop in Jobless Claims

By: Associated Press

Posted: Thu 4:51 PM, Dec 16, 2010

New York, NY (AP) - A drop in unemployment claims and an upbeat
profit forecast by FedEx Corp. are helping stocks close higher.

The Labor Department said first-time jobless claims fell for the
third time in four weeks.

Consumer banks and card companies fell sharply Thursday after
the Federal Reserve said that it may impose a 12-cent cap on the
fees merchants pay every time a customer pays with a debit card.
Visa Inc. fell 12.4 percent.

According to preliminary figures, the Dow Jones industrial
average rose 42, or 0.4 percent, to 11,499. The S&P 500 rose 8, or
0.6 percent, to 1,243. The Nasdaq composite rose 20, or 0.8
percent, to 2,637.

Two stocks rose for every one that fell on the New York Stock
Exchange. Volume came to 1 billion shares.

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