News / 

Stock market rises...Oil reverses course... Twitter reports earnings



This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

NEW YORK (AP) — The stock market is notching its third big gain this week as the price of oil recovers and investors applaud a big acquisition in the pharmaceutical industry. The Dow Jones industrial average rose nearly 212 points, or 1.2 percent, to 17,884. The Standard & Poor's 500 rose 21 points, or 1 percent, to 2,062. The Nasdaq composite rose 48 points, or 1 percent, to 4,765.

NEW YORK (AP) — Oil is doing an about-face. Benchmark U.S. crude rose $2.03 to settle at $50.48 a barrel today in New York, continuing a volatile ride that has lasted for several weeks. Yesterday, oil plunged $4.60, to settle at $48.45 a barrel because of a surge in crude inventories. Brent crude, a benchmark for international oils, rose $2.50 to $56.66 a barrel today in London.

NEW YORK (AP) — Twitter is posting stronger-than-expected results in the fourth quarter, shrinking its losses and nearly doubling revenue. For the quarter it lost $125.4 million, or 20 cents per share, compared with a loss of $511.5 million, or $1.41 per share, a year earlier. Twitter earned $79.3 million, or 12 cents per share. Revenue surged to $479.1 million from $242.7 million.

NEW YORK (AP) — Struggling electronics retailer RadioShack is filing for Chapter 11 bankruptcy protection and says it'll sell up to 2,400 stores. The company has suffered from years of losses. RadioShack had warned of a possible bankruptcy in September, but received rescue financing that kept it afloat.

NEW YORK (AP) — Verizon Communications says it'll make almost $15 billion from selling part of its wireline business and leasing thousands of wireless towers. Verizon is selling its California, Florida and Texas wireline businesses to Frontier Communications for $9.9 billion in cash. American Tower will pay $5.06 billion to lease 11,300 wireless towers and buy 165 towers.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast