Dow rises 20 points
Federal Reserve chairman Ben Bernanke cautioned on Thursday that, while the U.S. economy is on the mend, unemployment remains an issue.
February 3rd, 2011
08:36 PM ET

Dow rises 20 points

Some highlights from the day's business news: 

Stocks end higher ahead of jobs report

U.S. stocks ended higher Thursday as investors digested comments about the economy from Federal Reserve chairman Ben Bernanke, who said a weak job market continues to weigh on the recovery.

Stocks have been wavering over the past couple of sessions as investors remain nervous about Friday's big employment report from the government. This week's labor reports painted a mixed picture.

The Dow Jones industrial average rose 20 points, or 0.2%, led by Cisco and Bank of America. Earlier, the blue-chip index shed 60 points, but it erased most of those losses ahead of Bernanke's speech.

The S&P 500 added 3 points, or 0.2%. Estee Lauder was the biggest winner on the broad index, with shares surging more than 14%. The cosmetics maker posted higher-than-expected profit and sales for the second fiscal quarter, and raised its guidance for the remainder of the year.

During a luncheon at the National Press Club in Washington, Bernanke cautioned that, while the economy is on the mend, unemployment remains an issue.

Lawsuit: JPMorgan was warned on Madoff

JPMorgan Chase executives suspected that Bernard Madoff's investment strategy was actually a Ponzi scheme years prior to its collapse, but did nothing to stop it, according to the court-appointed trustee trying to recover assets stolen by Madoff.

The claims come in a lawsuit filed by trustee Irving Picard against JPMorgan Chase. The suit, filed in a New York bankruptcy court in December, was unsealed Thursday.

The complaint seeks to recover nearly $1 billion in fees and profits and an additional $5.4 billion in damages stemming from the bank's long stint as Madoff's banker.

CNNMoney.com reporters Hibah Yousuf and Charles Riley contributed to this report.

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Filed under: Business • Economy
soundoff (10 Responses)
  1. Mmmmm

    First and happy to say if the temperature rise 20 units I'd be happy.

    February 3, 2011 at 8:41 pm | Report abuse |
  2. raven

    That Madoff guy , ugh , he ruined so many strangers lives but when his son killed himself I wondered if he felt any personal responsibility at all .

    February 3, 2011 at 9:06 pm | Report abuse |
  3. Noproblemsinameristan

    Everythings great. Gas can be 5 and the easiest country in the world remains easiest. Plenty of faceless cubicles reopening for the decade. All aboard.

    February 3, 2011 at 10:11 pm | Report abuse |
  4. Veritas

    @Raven i agree with you entirely. @Mmmmm as usual its all about you and your issues.

    February 3, 2011 at 10:22 pm | Report abuse |
  5. chrissy

    wow id say she dont like u very much mmmm and i didnt think u were bein self centered with that comment about the weather. i musta missed something. anyway big fat furry deal dow is up 20 points. if it werent so cold id do a backflip...NOT!

    February 3, 2011 at 11:07 pm | Report abuse |
  6. chrissy

    lol watch it mmm

    February 4, 2011 at 4:33 pm | Report abuse |
    • Mmmmm

      Whaaaaaaaaat! I'm being good...for now.

      February 4, 2011 at 7:01 pm | Report abuse |
  7. chrissy

    well its 5pm friday and im just on pins and needles waiting 2 hear what the dang dow is now@.! lol

    February 4, 2011 at 5:28 pm | Report abuse |
  8. chrissy

    lol mmmm im sure that will not last too long

    February 5, 2011 at 12:17 am | Report abuse |