Dow rises 50 points despite banking-sector weakness
January 18th, 2011
08:34 PM ET

Dow rises 50 points despite banking-sector weakness

Some highlights of today's business news:

Stocks gain despite weakness in banking sector

U.S. stocks showed surprising resilience Tuesday, closing higher as shares of Boeing and other industrial names rose, offsetting weakness from Citigroup and Apple.

The Dow Jones industrial average added 50 points, or 0.4%. The broad S&P 500 index edged up nearly 2 points, or 0.1%. The Nasdaq, a proxy for the technology sector, added 10 points, or 0.4%.

The gains came despite disappointing earnings from Citigroup, which dragged the banking sector lower. Citi tumbled over 6%, while Bank of America and Wells Fargo also took a hit.

Apple shares fell over 2% in during market hours Tuesday amid worries about CEO Steve Jobs' medical leave.
But after the market closed, Apple reported a record jump in quarterly earnings and sales, driven by strong demand for Macs, iPhones and iPads during the holiday season.

Foreigners bought more U.S. debt in November

The United States dug deeper into debt with its foreign creditors in November, according to government records released Tuesday.

Foreign investors bought $93.9 billion in long-term Treasuries in November, increasing their net holdings after purchasing $56 billion the month before, the Treasury Department said Tuesday.

Treasuries are traditionally perceived to be low risk because they're backed by the U.S. government. The latest data signals that their safe-haven reputation has not deteriorated among the international investing community,
despite the country's growing budget deficit.

Meanwhile, the price to buy U.S. debt fell slightly Tuesday, sending yields - which move in the opposite direction - higher. The yield on the benchmark 10-year note rose to 3.36% from 3.33% Monday. The two-year note rose to 0.59% and the five-year note ticked up to 1.95%. The 30-year bond rose to 4.57%.

U.S. approves Comcast-NBC merger

The Federal Communications Commission and the Department of Justice on Tuesday approved - with several conditions - a merger of the country's largest cable operator, Comcast, and broadcasting company NBC Universal.

The FCC voted 4-1 in favor of the deal.

"After a thorough review, we have adopted strong and fair merger conditions to ensure this transaction serves the public interest," FCC Chairman Julius Genachowski said in a statement.

The FCC said the Comcast-NBC Universal combination will be required to take steps to increase competition in the video marketplace. In addition, Comcast has committed to expanding local news coverage, expand programs for Spanish-speaking viewers and offer Internet access to schools and libraries.

CNNMoney.com reporters Ben Rooney and Annalyn Censky and CNN's Kristen Hamill contributed to this report.

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Filed under: Business • Economy
soundoff (11 Responses)
  1. lowerincome

    this means absolutly nothing to me.

    January 18, 2011 at 8:56 pm | Report abuse |
  2. RUFFNUTT

    it's meant to make old people better so they re-invest there nest eggs in the stock market.. that way the bankers can steal whats left..

    January 18, 2011 at 10:05 pm | Report abuse |
  3. chrissy

    It means that there is justice in this world! The banks are one of the primary causes of the recession that we are presently dealing with. The other is the war that we should have never been in in the lst place. Too bad its our $ they are lousing tho.

    January 18, 2011 at 10:13 pm | Report abuse |
    • RUFFNUTT

      we need that oil.. my camaro burns two quarts of oil per tank of gas..

      January 18, 2011 at 10:30 pm | Report abuse |
  4. lowerincome

    thanks feeling much better think I'll buy me a bb gun and shoot some redbirds

    January 18, 2011 at 11:54 pm | Report abuse |
    • Mmmmm

      You bird killers! really bad karma!

      January 19, 2011 at 12:27 am | Report abuse |
  5. RUFFNUTT

    you can get more with a trashbag bomb..

    January 18, 2011 at 11:58 pm | Report abuse |
    • Mmmmm

      Fate will have y'all eat one blue pill
      for every bird you killed...

      January 19, 2011 at 12:29 am | Report abuse |
  6. chrissy

    lmao ruffnutt...what is a trashbag bomb?

    January 19, 2011 at 12:14 am | Report abuse |
  7. Avsec bostjan

    OBAMA = STALIN = BUSH or USSR = USA at http://avsecbostjan.blogspot.com WHY YOU ARE RUINED – AUSTRALIAN FLOODS – ARIZONA SHOOTING – REAL WIKI LEAKS OR CIA – ESKIMO SARAH PALIN NOT FOR ME – FREEDOM OF EXPRESSION UNDER LIBERAL/ZIONIST/COMMUNIST/ANARCHISTS OR >>SPAM<< – PRICE ON YOUR LIFE(censorship) – please visit http://avsecbostjan.blogspot.com and watch videos in sequence

    January 25, 2011 at 9:52 pm | Report abuse |