Indexes Gain In Lower Volume
1 Stocks rose amid upbeat industrial news from China that bolstered hopes for a broad global recovery. The Nasdaq climbed 0.7%, down from 1.2% at session peak. The S&P 500 rose 0.5%, while the Dow and NYSE composite gained 0.4% each. Volume fell across the board. Gold and oil prices rose. The bond market was closed for Veterans Day.
Geithner: Strong Dollar A Priority
2 Treasury Sec'y Timothy Geithner, speaking in Tokyo before heading to the APEC summit in Singapore, said he believes a strong dollar is "very important." The U.S. currency has fallen about 7% this year vs. a basket of six currencies as the budget deficit has soared amid huge fiscal stimulus. Geithner is seeking to reassure Asian finance leaders, who are big buyers of U.S. debt.
China Output Up, Yuan May Rise
3 Industrial production jumped 16.1% in Oct. vs. a year ago, the biggest gain in 19 months, as the economy chugs along. Meantime, China said it may set the yuan's exchange rate vs. a basket of currencies, not just the dollar, a sign it may let the yuan rise for the first time in 18 months. China halted the yuan's appreciation to help exporters weather the global downturn.
NATO: Afghan Buildup Needed
4 The alliance will need to send more forces to train Afghan troops and police, NATO Sec'y-Gen. Anders Fogh Rasmussen said in London. U.K. PM Gordon Brown has said he's willing to boost troop levels if Afghan Pres. Karzai curbs corruption. NATO recovered the body of one of 2 missing U.S. paratroopers who were swept away while trying to retrieve supplies from an Afghan river.
Dollar General Ready For Return
5 The discount retailer's IPO is slated to price late Thu., with Dollar General expected to begin trading Fri. on the NYSE under the ticker DG. Analysts say the IPO will generate strong interest, given that Dollar General has gone through a turnaround and operates in a recession-resistant retail sector. Dollar General traded until July '07, when KKR took it private.
Macy's Falls On Weak Outlook
6 The department store chain narrowed its Q3 loss to 3 cents a share ex items, topping views by 4 cents. Sales fell 4% to $5.28 bil, above views. Macy's' (NYSE: - ) tightened inventory controls to curb costs. It said its move to tailor merchandise to local tastes paid off, but same-store sales fell 7.5%. It sees Q4 EPS of $1-$1.05 vs. views of $1.05. It fell 8%.
HP To Acquire 3Com For $2.7 Bil
7 The printing and computer giant said late Wed. it'll buy network equipment maker 3Com (NasdaqGS: - ) for $7.90 a share to expand in China and better compete against Cisco Systems (NasdaqGS: - ), which recently entered the server market where Hewlett-Packard (NYSE: - ) is strong. 3Com has emerged as a stronger challenger to Cisco, analysts said. HP slid 0.7%, 3Com leapt 35% to 7.66 in late trading.
Motorola Mulls Sale Of Big Unit
8 The maker of cell phones and telecom gear is in the early stages of selling its $4.5 bil set-top box and network gear unit, reports said. Suitors include equity firms and gear makers. Motorola (NYSE: - ) declined comment, but said it's focused on its previously stated plan to separate handsets from the rest of the firm. It slid 1% to 8.77. More on A4
Oil, Dollar Hold Below Key Levels
9 Crude futures climbed above $80 a barrel early Wednesday after reports that China's oil imports hit a near-record 19.34 metric tons in October, but oil backtracked as the dollar hit a 15-month low vs. the euro. Weekly inventory data showing rising oil stockpiles also weighed on prices. Crude ended up 23 cents at $79.28.
Bank Of England Still Sees Risks
10 Despite lifting its economic forecast, the Bank of England warned that Britain's recovery is only just beginning and that its strength remains "highly uncertain." PM Gordon Brown's Labour Party touted the report as confirming that its stimulus plans were working. Critics said the economy will likely weaken as the gov't reins in spending.
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